The Catapult: Future Foundation Program aims to address critical issues facing financial services by developing shared, mutualised technology solutions that can be used across the industry.
Guided by a Steering Committee of Luxembourg industry leaders, the program seeks proposals for solutions that will help reduce costs, drive efficiency, and improve client experiences while also meeting the highest standards of data privacy, cyber resilience and regulatory compliance.
For its inaugural edition, the program will focus on addressing the need for a cutting-edge platform that enables seamless and secure data and document exchange between actors in the financial services industry.
The primary goal of the Data and Document Exchange Platform is to establish a collaborative ecosystem that enhances the efficiency, transparency, and interoperability of data and document exchange between financial institutions and supporting service providers of Luxembourg. This initiative addresses challenges faced by various institutions through the creation of a unified platform, fostering mutual benefits for all participants.
Open Call for Applications
Interested vendors are invited to submit their applications online, detailing their solution’s alignment with the program’s requirements. The process is divided into the following steps:
Functional and non-functional requirements:
| Document and Data Management Requirements: Supports uploading various document types required for onboarding, ensures version control for accessing up-to-date documents, enforces data retention policies for appropriate and secure disposal, tracks document and data expiration for automated management, maintains clear data lineage by tracking the origin, movement, and transformation of data, provides transparency into data sourcing and usage, and allows extraction of documents and data in appropriate formats (e.g., .csv) to reduce manual re-entry. | ||||
| Reporting and Analytics, Audit Trails: Maintains a comprehensive audit trail, ensuring compliance with Luxembourgish and European regulations, and generates detailed reports and customizable dashboards to monitor data exchange progress and user activity. | ||||
| Data and Document Exchange requirements: Facilitates the secure exchange of all required documents and data for a variety of services, ensuring compliance with relevant regulations in Luxembourg. The platform enhances communication with clients and stakeholders through transparent channels, supporting the efficient and secure transfer of key information, including personal, legal, and financial data, across different processes. | ||||
| Integration Capabilities: Integrates with existing systems (e.g., CRM, core banking, onboarding systems) via APIs, file-based integration, or messaging. |
| Data Security Requirements: Ensures data integrity, confidentiality, and regulatory compliance. The system adheres to top security standards, including GDPR compliance, secure data transmission with robust encryption, regular audits, and two-factor authentication (2FA) for enhanced access control. | ||||
| Performance, Scalability, Availability, and Uptime requirements: Ensures high availability with minimal downtime, incorporates a disaster recovery plan, conducts regular security audits, supports (e.g., AI-based) validation for document authenticity, and provides fast processing speeds with scalability to support a growing user base. | ||||
| Regulatory Compliance: Ensures strict adherence to Luxembourgish and European regulatory standards, including GDPR, MiFID II, and AML directives. |
Initial Screening
Submitted applications are evaluated against general eligibility criteria, including regulatory compliance, financial stability, and relevant experience. These sections are only required for those selected for further evaluation.
Bootcamp Participation
Selected candidates will be invited to a 5-day bootcamp in Luxembourg, where they will collaborate with jury members and industry experts to refine their solutions based on practical needs and feedback.
Final Proposal Submission
After the bootcamp, participants will have four weeks to enhance and submit their final proposals.
Winner Selection
The jury, composed of industry professionals and independent experts, will evaluate the final pitches and select the most suitable solution for implementation.
Selection Criteria & Evaluation Process
The applications will be evaluated based on the following criteria:
Direct Exposure to Future Clients: Providers will have an exceptional opportunity to work directly with potential clients, gaining valuable feedback and insights into the needs of Luxembourg’s financial institutions.
Market Readiness: By participating in this program, providers can validate their solution against industry-specific requirements and refine their offering with direct input from prospective users.
Potential for Program Selection: Providers not only stand to be selected as the winner but also to establish meaningful connections with financial sector associations, positioning themselves as trusted partners in Luxembourg’s financial ecosystem.
Eligibility for Co-Funding: Selected providers will be eligible for grant funding to support their participation and development efforts, helping to ensure that the solution reaches the desired maturity and meets industry standards.
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Contact our Program Manager:
[email protected]
9, rue du Laboratoire
L-1911 Luxembourg
© Copyright 2023 LHoFT Foundation.
All Rights Reserved.
© Copyright 2023 LHoFT Foundation.
All Rights Reserved.
