LUXHUB to provide open banking solutions to Rakuten Bank SA

Jacques PÜTZ

Jacques Putz, CEO, Luxhub

European open banking API platform service provider LUXHUB has partnered with Rakuten Bank Europe SA to help the latter with its PSD2 (open banking) compliance and upgrade its digital banking facility.

Open banking is a technology used by banks to be able to use the open APIs that enable third-party developers to build applications and services around the financial institution. It also helps a bank provide greater financial transparency options for its account holders from open data to private data.

With Rakuten, LUXHUB claims to have strengthened its leadership position in the European market. It has, so far, tied up with 34 financial institutions under 10 different regulators in the region.

“We are very pleased to welcome Rakuten as customer in our international ecosystem. Together we can explore the path of the open banking and create future exquisite financial services,“ Jacques PÜTZ, CEO LUXHUB said in a statement.

Rakuten Bank, a Luxembourg based fully licensed credit institution, provides a variety of consumer and business-focused services including e-commerce, fintech, digital content and communications to over 1.2 billion members globally.

LUXHUB will support Rakuten with a rich developer portal, test environment and sandbox facilities, providing cybersecurity protection and guaranteed adaptability and flexibility to continuously evolving standards and regulatory requirements, the service provider said.

“We choose LUXHUB for its knowledge in the banking sector and its ability to innovate and accompany us in our fast-growing business. Together we will reach new heights of competence and provide the best services to our customers” said Toshihiko Otsuka, CEO, Rakuten Bank SA.

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