Jacques Pütz, LUXHUB CEO;
Credit: LUXHUB
Luxembourg software company LUXHUB has launched a new product to support credit institutions in the Grand Duchy: the Central Electronic Data Retrieval (CEDR) API.
LUXHUB's CEDR API aims to provide Luxembourg's banks with an efficient path to Central Electronic Data Retrieval System compliance, in accordance with the latest CSSF Circular 20/747. The latter requires that credit institutions put in place a secure data file transfer via an application programming interface (API) towards the CSSF to enable the identification of any natural or legal person holding or controlling payment or bank accounts identified by IBAN or safe-deposit boxes by mid-September 2020.
With tight EU-wide deadlines, as part of the AML5 directive which is partially implemented through the CEDRS, LUXHUB has deployed all its efforts and resources in order to support banks throughout this new compliance journey. This has resulted in the development of the new CEDR API, which builds upon LUXHUB’s established API Gateway and Service Desk. The CSSF’s decision to impose an API route to compliance also falls within LUXHUB’s overarching vision of catalysing and empowering digitalisation within Luxembourg’s financial ecosystem.
Acting as a complete end-to-end compliance solution, the CEDR API will see the company, recognised as Europe’s second largest Open Banking hub, continue its compliance partnership with many of Luxembourg’s leading financial institutions.
With efforts already firmly underway, LUXHUB’s CEDR API aims to provide partner institutions with a clear head start on their compliance path.
Jacques Pütz, CEO of LUXHUB, commented: “LUXHUB’s CEDR API will enable financial institutions to meet the tight deadline imposed by the EU and gain compliance efficiently and effectively. We ensure security at the highest level and are ready to build upon the successful development and implementation of our API Gateway and Service Desk to deliver a seamless service and complete solution".
