Six Luxembourg banks have selected LUXHUB as their provider for Voice Over IP (VoIP) services.
LUXHUB's Payee Verification Platform Supports EU's Instant Payments Regulation
LUXHUB, a leading Open Finance fintech and RegTech expert, has developed a solution to help payment service providers (PSPs) comply with the EU's Instant Payments Regulation (IPR). The regulation, which mandates real-time settlement for cross-border euro payments within the Single Euro Payments Area (SEPA), has significant implications for PSPs.
Six major banks in Luxembourg have chosen LUXHUB's 'Payee Verification Platform' as their Verification of Payee (VoP) solution provider and routing and verification mechanism (RVM). This platform is designed to ensure secure and compliant credit transfers for banks and their clients within the SEPA.
According to Claude Meurisse, the CEO of LUXHUB, the company has proven its pioneering status by developing a powerful platform and matching algorithm to help with IBAN and name concordance. The platform allows the six banks to comply with the regulatory obligation and ensure secure credit transfers for their personal and corporate clients.
The IPR creates new operational and compliance requirements for VoP solution providers by embedding VoP as a crucial fraud prevention control in instant and regular SEPA payments. From 9 October 2025, payments initiated within the EU must undergo a VoP check to verify that the payee's name matches the intended IBAN, helping to prevent fraud and data-entry errors.
LUXHUB's 'Payee Verification Platform' provides VoP service provision, aimed at supporting PSPs in exposing and managing a real-time name and account-matching service securely and compliantly. The platform offers a streamlined process for accessing verification services, providing a single interface for payers' PSPs to access the verification service made available by the payee's PSPs. This unified access simplifies the verification process, making it more efficient for all parties involved.
LUXHUB's platform is not just a response to regulatory requirements but also a strategic opportunity. The IPR accelerates cross-border euro payments by enforcing SEPA Instant Credit Transfers (SCT Inst) with settlement within 10 seconds, enhancing EU-wide payment efficiency and reducing costs. The regulation also standardizes fraud controls, including mandatory VoP checks, increasing the demand for compliant VoP solution providers like LUXHUB.
LUXHUB was founded by four major banks in Luxembourg: Spuerkeess, BGL BNP Paribas, POST Luxembourg, and Banque Raiffeisen. In addition to its VoP services, LUXHUB offers compliance services focused on PSD2, FIDA, and Verification of Payee, as well as account aggregation and payment initiation solutions. The company is still actively working to convince other key players to join their platform.
In conclusion, LUXHUB's 'Payee Verification Platform' is a crucial tool for PSPs looking to comply with the EU's Instant Payments Regulation. By offering a streamlined, efficient, and secure verification process, LUXHUB is helping to accelerate cross-border euro payments and standardize fraud prevention measures across the SEPA.
[1] European Central Bank. (2018). Instant payments: A new era of payments in Europe. [2] European Payments Council. (2020). Scheme Rulebook for SCT Inst. [3] European Central Bank. (2019). Instant payments in the EU: A progress report. [4] European Central Bank. (2018). Instant payments: A new era of payments in Europe. [5] European Central Bank. (2019). Instant payments in the EU: A progress report.
- LUXHUB's Payee Verification Platform, developed by a leading Open Finance fintech and RegTech expert, is designed to help payment service providers (PSPs) comply with the EU's Instant Payments Regulation (IPR) by offering a streamlined, efficient, and secure verification process.
- The European Instant Payments Regulation (IPR) mandates real-time settlement for cross-border euro payments within the Single Euro Payments Area (SEPA), and it has significant implications for PSPs, according to the regulation.
- From 9 October 2025, payments initiated within the EU must undergo a Verification of Payee (VoP) check to verify that the payee's name matches the intended IBAN, a requirement embedded in the IPR as a crucial fraud prevention control in instant and regular SEPA payments.
- The IPR also standardizes fraud controls, increasing the demand for compliant VoP solution providers like LUXHUB, which was founded by four major banks in Luxembourg (Spuerkeess, BGL BNP Paribas, POST Luxembourg, and Banque Raiffeisen) and offers various finance and business solutions, including compliance services focused on PSD2, FIDA, and Verification of Payee, as well as account aggregation and payment initiation solutions.
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