5th October 2021

Open Banking: Revolut and N26 enter S-Net

In the context of the implementation of the PSD 2 regulation (“Payment Services Directive 2”), Spuerkeess, as a leader in e-banking, was the first bank in Luxembourg to offer its customers the opportunity to manage their accounts held with other banks in the marketplace (BGL, BIL, POST, Banque Raiffeisen, ING, Banque de Luxembourg, BCP) within its S-Net platform.

All accounts in one banking application

We had only just launched the third-party bank aggregation functionality in S-Net and we already had over a thousand users.

Today, with a number of users in the five digits, Open Banking has become a reality in Luxembourg and it was logical for Spuerkeess to move beyond Luxembourg’s borders.

Roger Krämer, Head of Business Innovation Office

As customer-oriented as ever, Spuerkeess is therefore now expanding its offer by providing the integration of accounts at the neobanks Revolut and N26.

Innovation centred on our customers

We have established a roadmap based on the preferences expressed by our customers, and our technical teams, together with that of our partner LUXHUB, have launched developments. We will add more and more third-party banks over time.

Daniel Madariaga, Team Manager, Business Innovation Office

A look back at the development of Open Banking at Spuerkeess

  • 2019

    Spuerkeess, in collaboration with three other shareholders, founded FinTech LUXHUB, a company specialising in PSD 2 compliance and Open Banking. Since then, LUXHUB has been one of the largest Open Banking platforms in Europe, allowing its partners to develop the Open Banking concept both domestically and internationally.
  • December 2019

    Spuerkeess is the first bank in the Grand Duchy to offer third-party account aggregation services (Post & Raiffeisen) via S-Net and S-Net Mobile.
  • 2020

    Spuerkeess expands its third-party bank offer. It transitions from two to six banks, covering nearly 90% of demand. Moreover, the service is no longer limited to account aggregation, but also includes payment initiation, thus enabling effective management of third-party accounts via S-Net.
  • 2021

    Spuerkeess adds Revolut and N26, responding to strong demand from its S-Net users. Spuerkeess is the first Luxembourg bank to integrate neobanks into its multi-bank offer.

As an ambitious bank aware of the potential of Open Banking, Spuerkeess wants to enrich its offer in the near future with the integration of border banks in particular.

A shared vision of the future

Open Banking enables banks to create new experiences in order to meet their clients’ expectations, while differentiating themselves from their competitors.

We are proud to continue our collaboration with Spuerkeess, which began more than three years ago, and will continue with the gradual integration of several other European banks.

Jacques Pütz, CEO, LUXHUB

In order to ensure the proper functioning of Open Banking services, Spuerkeess is dependent on implementations carried out with other banks, in accordance with PSD 2. Therefore, in the event of a problem, we ask our customers to please contact the S-Net teams (via a specific form in the Help menu or via the email address feedback.snet@spuerkeess.lu), who will contact the banks concerned to resolve any issues as quickly as possible.

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