Swiss banking software firm Temenos has collaborated with Luxembourg-based open banking platform LUXHUB on PSD2 solution for banks.

The agreement is aimed at helping banks meet PSD2 standards in Luxembourg and Europe. Additionally, the partners will work to help banks gain a quick time-to-market while maximising the opportunities of the new API economy.

The new PSD2 regulation mandates European banks to provide real-time, 24×7 API support as well as scalability to deal with higher transaction volumes and queries. The rule came into force in January this year.

Temenos managing director for Europe Steen Jensen said: “We are excited to collaborate with LUXHUB, and become part of this initiative which offers a range of solutions to meet the differing needs of banks in Europe.

“Temenos brings to the table the full technology capabilities and architecture that enables financial institutions to easily comply with the directive, but also take advantage of the new business models that might arise in the future due to PSD2. We look forward to working with LUXHUB to offer our client community more opportunities to take advantage of the new API economy.

LUXHUB CEO Jacques Putz commented: “You don’t need to become a technical service provider to be PSD2 compliant. At LUXHUB, we’re quickly developing our range of solutions to guarantee banks full compliance, and ensure high-level flexibility. By collaborating with service providers like Temenos, we are bringing that PSD2 compliance straight to your core.”

LUXHUB is a joint venture of four Luxembourg-based retail banks including Banque et Caisse d’Epargne de l’Etat (BCEE), BGL BNP Paribas, Banque Raiffeisen and POST Luxembourg.