Open banking startup LuxHub has partnered with six major banks in Luxembourg to implement its Verification of Payee (VoP) and Routing and Verification Mechanism (RVM) technology.
The VoP scheme, developed by the European Payments Council (EPC), will be launched on October 5. This initiative offers all Payment Service Providers (PSPs) in the European Union and European Economic Area a method to verify the payee involved in instant credit transfers.
Founded by four banks in Luxembourg, LuxHub has secured agreements with the country’s lenders, ensuring that VoP will be integrated into the customer payment journey across all SEPA payment initiation channels. As a result, most account holders in Luxembourg will experience a unified customer experience, whether they are using retail or corporate channels.
Claude Meurisse, CEO of LuxHub, stated, “We are proud to welcome these major banks, which represent a substantial share of bank accounts in Luxembourg, to our Payee Verification Platform. This enhances the network and mutualization effects, thereby strengthening the platform.”
He also added, “At the same time, we are actively engaging with other key players to join us, with the ultimate aim of creating a robust and effective platform that will ensure secure and verified credit transfers for both payment services users (PSUs) and PSPs.”