Six Luxembourg Banks Have Chosen To Incorporate LuxHub’s VoP and RVM Technology

Six major banks operating in Luxembourg have decided to team up with LuxHub, a popular open banking startup, and adopt its Verification of Payee (VoP) and Routing and Verification Mechanism (RVM) technology.

The startup’s VoP scheme was developed by the EPC, and it is set to come into effect on October 5 of this year. It will provide payment service providers in the European Union and the broader European Economic Area with a new and unique mechanism, that will allow verification of the payee of an instant credit transfer.

LuxHub itself was founded by four banks operating in Luxembourg, making it a trustworthy third party to team up with and use as a provider of these new technologies. The firm has just struck six deals with the country’s largest lenders, which means that VoP will soon be embedded in the customer payment journey.

The Deal Will Improve The Experience For Retail And Corporate Channels Alike

Most account holders in Luxembourg will be able to benefit from the deal, as it will bring a more harmonized customer experience, regardless of whether they access it through corporate or retail channels. 

LuxHub’s CEO, Claude Meurisse, commented on the new development, stating that the firm is proud to welcome the six major banks. He added that the banks that opted to join represent a very large share of the banking accounts in Luxembourg. Their joining the Payee Verification Platform will significantly increase the network and mutualization effects, not to mention that it will further strengthen the platform.

Meurisse also noted that the company is continuing to work on convincing even more key players to join the ones who have already signed deals with it. He noted that the overall goal is simply to provide a robust, efficient platform that will make sure that credit transfers for payment services users would always be secure and verified.