This initiative will help banks meet PSD2 standards, gaining a quick time-to-market as well as maximizing the opportunities of the new API economy. LUXHUB, a joint initiative of four major Luxembourgish retail banks, aims to help the entire banking ecosystem to take advantage of the challenges and opportunities of the European PSD2 directive.
Expected to have gained full momentum by late 2018, PSD2 is intended to increase competition and innovation within the European banking industry. PSD2 is placing new demands on the underlying technology architectures of incumbent banks.
New demands such as the need for real-time 24x7 support for open Application Programming Interfaces (APIs) and messages, performance and scalability to deal with the higher and less predictable query and transaction volumes expected, and enhanced security and authentication.
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