The platform will be used for both Verification of Payee (VOP) and Routing and Verification Mechanism (RVM) purposes, with the European mandate set to take effect by 9 October 2025.
This regulation mandates all Payment Service Providers (PSPs) to verify recipient details, such as the name or business identifier, prior to executing any SEPA credit transfer, whether instant or not. The goal is to confirm that the payee’s information matches the account details submitted by the payer, regardless of how the payment is initiated. PSPs must also be prepared to respond to incoming verification requests from other institutions in real time.
The LUXHUB platform, which was previously endorsed by its founding banks, operates as both a Responding and Requesting RVM under the rules of the European Payments Council’s VOP Scheme. It provides two distinct services: a secure system for PSPs to expose real-time name-account matching, and a unified access point for payer-side PSPs to reach participating payee-side providers.
Officials from LUXHUB confirmed that, with the addition of these six institutions, a substantial majority of account holders in Luxembourg will now experience a uniform verification process. This includes both retail and corporate payment channels.
The platform is designed to be mutualised, allowing more PSPs to connect and benefit from network effects as adoption grows. By following the VOP Scheme Rulebook and API specifications, it aims to meet both compliance and interoperability standards across the EU.
A representative from LUXHUB noted that while the platform’s adoption by six major banks is a significant step, discussions are ongoing with other providers to further expand its reach. The official emphasised that the ultimate objective is to support secure and verified transfers throughout the European financial ecosystem.
The deadline leaves PSPs with fewer than seven months to complete integration. Regulatory, technical, and compliance discussions are expected to require lead time, making early project initiation advisable. According to LUXHUB officials, starting deployment now will also allow institutions to gradually onboard clients and familiarise them with the updated payment flow.
For more information about LuxHub, please check out their detailed profile in our dedicated, industry-specific Company Database.
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