Banking software firm Temenos initiated a collaboration today with Luxembourg-based LUXHUB, a European open banking platform formed by four major Luxembourgish retail banks.

Through the partnership, the two aim to not only help banks meet PSD2 standards but also leverage additional opportunities available via APIs. Under PSD2, which went into effect January 13 of this year, European banks face new regulations that require real-time, 24×7 API support as well as scalability to deal with higher transaction volumes and queries.

Steen Jensen, Managing Director at Temenos, said, “Temenos brings to the table the full technology capabilities and architecture that enables financial institutions to easily comply with the directive, but also take advantage of the new business models that might arise in the future due to PSD2. We look forward to working with LUXHUB to offer our client community more opportunities to take advantage of the new API economy.”

Jacques Putz, CEO of LUXHUB added, “By collaborating with service providers like Temenos, we are bringing that PSD2 compliance straight to your core.”

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. The solutions combines native and web technologies to develop mobile apps that look, feel, and behave like native apps. The company’s systems serve more than 2,000 clients in over 150 countries. Temenos has a market capitalization of more than $10.4 billion.