LuxTrust, Luxembourg’s number one digital identity and data security provider, and Finologee, the new-age FinTech specialist, are defining new collaboration models in Luxembourg by offering plug-and-play trust solutions to third-parties and developers through Finologee’s own Trusted FinTech Platform.
Both companies are pioneers in their respective sectors, as they have developed into leading service providers. On one hand, LuxTrust is the Qualified Trust Service Provider (QTSP) and certification authority in Luxembourg. The company effectively helps organisations and consumers with its electronic identity, signature and trust service solutions whilst being compliant with the latest EU regulations. On the other hand, Finologee is a FinTech & RegTech specialist who runs a trusted and versatile digital platform that simplifies connectivity between financial institutions and a variety of FinTech solution providers.
Through this core collaboration, LuxTrust and Finologee want to respond to market needs together combining some of their products and infrastructures in order to offer easy access to LuxTrust services, such as strong authentication, electronic signature and e-seal. These features are both integrated into Finologee’s own products, such as KYC and PSD2, and made available in API mode through Finologee’s own Trusted FinTech Platform.
This collaboration will indeed translate into increased commercial opportunities for both market players, as organisations across Luxembourg will now be able to take advantage of the ease and simplicity of integrating trust services into their processes via API connectivity. This alliance also leverages Luxembourg’s specific regulatory framework for financial industry service providers that both companies are subject to: LuxTrust and Finologee operate under a Luxembourg “PSF de Support” IT provider license under the supervision of the Luxembourg financial services regulator CSSF.
Foyer Group was among the first customers to integrate a LuxTrust product in API mode via Finologee’s platform: as of March 2019, Foyer’s customers receive certified PDF documents signed by Foyer with LuxTrust e-Seals. Thanks to Finologee’s and LuxTrust’s neat technical integration and optimised processes, the implementation stage was completed in less than two months from the first project meeting to production environment availability.
Pascal Rogiest, LuxTrust’s CEO says “This core alliance with Finologee demonstrates the market relevance of our certified Digital Trust services and solutions to the Fintech world, where innovations must be backed by robust and compliant Trust services in order to provide end-to-end technical and regulatory value to the clients. Finologee is a forefront runner, and we are extremely pleased to work with them as a key partner; such partnership approach fully corresponds to our strategy of valuing our legacy Trust position into further customer-oriented solutions & channels.”
Raoul Mulheims, Finologee’s CEO says “The integration of LuxTrust’s products with Finologee’s platform streamlines the procurement and technical integration processes for regulated or institutional players such as banks or insurance companies. They are now able to rely on a single provider that acts as a catalyst for the best FinTech products and makes them fully compliant with industry regulation. On top of this, the technical implementation becomes extremely efficient using Finologee’s high-end API portal and infrastructure.”
LuxTrust and Finologee’s collaboration model is key in this context: each company is already strong within their dedicated area of business, but together, they will be able to serve a much broader range of customers, as well as expand the scope and quality of their products. This will enable both entities to be even more innovative and to cover new market segments.
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