Luxembourg, 25 June 2019: With its Open Banking platform, BIL will work closely with external developers, online merchants and partners to offer new digital services to its clients, and give fresh impetus to its innovation.
Covered in particular by the second European Payment Services Directive (PSD2), the Open Banking concept encourages banks to open their information systems up to third party providers (TPP). With its new Open Banking platform, BIL will be able to collaborate with these third parties (online merchants, fintechs, partner companies, etc.) to offer even more services to its clients.
The bank is now offering external developers an initial application programming interface (API), giving access to account information (balance and transactions) and enabling payments. Developers will be able to test and use this API to offer BIL clients account aggregation services and payment services.
Of course, this collaboration is completely transparent and secure for clients. They choose the service that they wish to use, and their consent is needed for a third party to access their information or initiate a payment. These third parties must also be certified by a financial regulator of a member country of the EU.
“Financing needs, investment products, mobile payments: our strategy aims to make our clients’ daily life easier by offering them new digital experiences. Open Banking is a great opportunity for accelerating innovation in financial and non-financial services”, said Olivier Debehogne, Head of Retail, Private Banking Luxembourg and Digital at BIL.
Yves Baguet, Chief Operating Officer, added: “With our Open Banking platform, we have a powerful tool built for developers. It is also a catalyst for our digital transformation. We will keep improving it to provide an easily accessible, high-performing development ecosystem that guarantees our clients’ security.”
About Banque Internationale à Luxembourg (BIL):
Founded in 1856, Banque Internationale à Luxembourg (BIL) is the oldest multi-business bank in the Grand Duchy. It has always played an active role in the main stages of the development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on capital markets. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland (since 1984), Denmark (since 2000) and the Middle East (since 2005).
For more information, please contact:
Banque Internationale à Luxembourg SA
69, route d’Esch • L-2953 Luxembourg
Tel.: +352 4590 5046 – Email: email@example.com