Claude Meurisse, CEO of LUXHUB;
Credit: LUXHUB
On Tuesday 8 April 2025, Luxembourg-based Open Finance company LUXHUB announced that six banks in Luxembourg have selected its Payee Verification Platform as their solution for Verification of Payee (VOP) and the Routing and Verification Mechanism (RVM), ahead of the Thursday 9 October 2025 deadline.
According to LUXHUB, concretely, VOP will be embedded in the customer’s payment journey, whatever the SEPA payment initiation channel. The platform will enable the banks to comply with the related regulatory obligation and at the same time ensure secure credit transfers for their personal and corporate clients.
Claude Meurisse, CEO of LUXHUB, highlighted: “We are proud to welcome these major banks, which represent a very large share of the bank accounts in Luxembourg, on our Payee Verification Platform. It increases the network and mutualisation effects and logically strengthens the platform. At the same time, we are still working on convincing other key players to join, with the overall goal of providing a robust and efficient platform that will ensure secure and verified credit transfers for payment services users (PSUs) as well as PSPs [payment service providers] themselves”.
As reported by LUXHUB, this obligation, introduced in the Instant Payments Regulation (IPR), concerns all types of SEPA credit transfers, instant or non-instant. It is defined as the requirement for the payer’s PSP to verify, with the payee’s PSP, the received payee information, such as the name or professional identifier and conversely, for the payee’s PSP to respond to these check requests. The verification must be done immediately after the payer provides relevant information about the payee and before the payer is offered the possibility of authorising that credit transfer. Moreover, as mentioned in the IPR, “the payer’s PSP shall offer the service ensuring verification regardless of the payment initiation channel used by the payer to place a payment order for the credit transfer.”
The LUXHUB Payee Verification Platform is composed of two specific services (described as “two sides of the same coin”):
- VOP Service Provision, aimed at supporting PSPs in exposing and managing, in a secure and compliant manner, a real-time name and account matching service;
- VOP Unified Access, which offers payers’ PSPs a single interface to access verification service made available by the payee’s PSPs.
“LUXHUB was born with one specific mission: helping financial institutions solve their regulatory challenges and provide innovative solutions and six years later, we are still following that path with the same ambition and effectiveness”, concluded the CEO of LUXHUB.
IK
