Six major banks in Luxembourg have selected Open Finance provider LUXHUB’s ‘Payee Verification Platform’ as their Verification of Payee (VoP) solution provider, and routing and verification mechanism (RVM).
The EU’s Instant Payments Regulation mandates VoP for cross-border payments within the Single European Payment Area (SEPA) by 9 October 2025.
According to LUXHUB, verification must be conducted immediately after the payer provides relevant information about the payee and before the payer is offered the possibility of authorising the credit transfer.
Through LUXHUB’s platform, the six banks will be able to comply with the regulatory obligation and, at the same time, ensure secure credit transfers for their personal and corporate clients.
LUXHUB’s ‘Payee Verification Platform’ comprises VoP service provision, aimed at supporting payment service providers (PSPs) in exposing and managing a real-time name and account-matching service securely and compliantly.
The platform also offers VoP unified access, which offers payers’ PSPs a single interface to access the verification service made available by the payee’s PSPs.
Claude Meurisse, chief executive officer of LUXHUB (pictured), said: “We are proud to welcome these major banks, which represent a very large share of the bank accounts in Luxembourg, on our ‘Payee Verification Platform’. It increases the network and mutualization effects and logically strengthens the platform.
“At the same time, we are still working on convincing other key players to join, with the overall goal of providing a robust and efficient platform that will ensure secure and verified credit transfers for payment services users (PSUs), as well as PSPs themselves.”
LUXHUB was founded by four major banks in Luxembourg – Spuerkeess, BGL BNP Paribas, POST Luxembourg and Banque Raiffeisen – in the wake of PSD2.
The Open Finance fintech offers compliance services focused on PSD2, FIDA and Verification of Payee, as well as account aggregation and payment initiation solutions.
Meurisse added: “An Open Finance and RegTech expert, specializing in mutualization, connectivity and compliance, LUXHUB has once again proved its pioneering status by developing a powerful platform, and its matching algorithm, to help the concordance of IBANs and names.”
Further reading: Luxembourg’s Spuerkeess partners with LUXHUB to integrate meal vouchers
