Following the announcement, LUXHUB will provide new compliance products to its partners and clients, that are set to improve the way financial institutions and banks operate, as well as the overall customer experience.
According to the press release, the Central Electronic System of Payment Information (CESOP) will first be launched in January 2024. For the launch to happen, Payment Services Providers (including credit institutions, payments institutions, post office giro institutions, as well as EMIs) will need to report certain cross-border payments and transactions to their local National Tax Administration.
By using its compliance experience and its tech expertise, LUXHUB will provide PSPs with its suite of services, in order to offer them effective and secure tax reporting solutions. The new service will include multiple new functionalities, such as the possibility to check and pre-process input data, the capability to filter and convert the data file into the requested XML type of document, as well as to provide a web interface where files can be edited or corrected, and to manage CESOP feedback files and correct the data that got reported. Moreover, in certain situations, LUXHUB will automate the transfer process of the CESOP reporting file to the NTA.
LUXHUB also offers its customers the Account Verification Platform, an IBAN-name check solution, in order to anticipate the upcoming regulations that will be launched on instant payments, as well as the payment services regulation. The platform allows clients to verify the security between the IBAN and beneficiary name while processing a credit transfer. The procedure takes place through an API, or any type of secure connectivity, and shows the user immediately if the connection is a `match` or a `not-match`.
The company announced in May 2023 that CSoftware integrated several of its Account Information and Payment Initiation Services into its capabilities and operations. This initiative represented CSoftware’s aim to offer clients its products in order to improve their digital transformation, as it added financial data aggregation and payment modules to its FERA platform.
The FERA platform is a business management tool that was designed to assist the growth and development of SMEs, independent workers, and craftsmen. According to the press release published at the time, FERA’s value proposition was enhanced by the incorporation of LUXHUB’S Account Information Services and Payment Initiation Services modules. Their addition to the platform’s suite of solutions was focused on providing customers with banking account information and payment initiation tools.
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