Luxembourg-based Rakuten Bank Europe has chosen LUXHUB to help it meet with PSD2 compliance and take advantage of open banking opportunities.
Rakuten chose LUXHUB for its ‘agility’ in both technical and business fields, its quick software development life cycle and its high-end workflow processes.
Through this partnership, LUXHUB will provide the bank with a developer portal, test environment and sandbox facilities. In addition to this, the bank will access cybersecurity protection and a system that adapts to the evolving standards and regulatory requirements.
LUXHUB offers a marketplace to help financial institutions pick services they wish to integrate with their own systems.
The RegTech is now helping 34 financial institutions, spanning 10 countries, with their PSD2 compliance.
The final deadline for compliance is September 14 and firms across Europe have been racing to get their systems ready. Last year, fellow Luxembourg-headquartered bank Fortuna Banque, teamed up with LUXHUB to meet the requirements of the regulation.
LUXHUB board chairman Jean HILGER said, “LUXHUB stands as a reliable technical partner for RAKUTEN in this new challenging environment and we aim to proudly represent Luxembourg on the European open banking map.”
Earlier in the month, Italian bank UBI Banca chose CBI Globe to help it meet the PSD2 compliance requirements.
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