Spuerkeess’ aim is to provide concrete use of Open Banking by integrating services beyond bank aggregation.
LUXHUB was founded by four banks in Luxembourg, namely Spuerkeess, BGL BNP Paribas, POST Luxembourg and Banque Raiffeisen, in the wake of Second Payment Services Directive (PSD2).
Spuerkeess previously worked together with LUXHUB to introduce an account aggregation functionality within S-Net, which currently covers 26 banks from Luxembourg, Belgium, Germany, and France, as well as various European neobanks.
The initiative was a direct response to the implementation of PSD2 in 2019, which mandated banks to provide access to retail banking data.
Following this, Spuerkeess decided to expand its services to other sectors. Thus, the bank joined forces with meal voucher service provider and HRTech Up Luxembourg. This collaboration allows Spuerkeess’ clients to easily check their Up Luxembourg meal vouchers balance through the S-Net e-banking solution and S-Net Mobile, having the option to access detailed historical transactions data.
To do so, clients need to connect to S-Net and add their Up credentials. As with bank account aggregation, this service is free of charge.
Open banking, which involves banks sharing financial data with third parties like fintechs or other financial institutions, is gaining traction. However, the concept remains somewhat abstract for the general public.
The new feature introduced by Spuerkeess in collaboration with LUXHUB aims to simplify and centralise personal finance management. Typically, users need to log in to a third-party service provider to check the balance on their vouchers.
The benefits for users include the ability to centralise their accounts and view their overall financial situation in a single interface, making daily financial management more convenient.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now