Financial Management

Comarch Luxembourg obtains PSF authorization

By Comarch

Comarch’s subsidiary received the PSF authorization (Professionnels du Secteur Financier) from the Finance Minister of Luxembourg. The authorization allows Comarch Luxembourg to provide services and operations in the financial sector.

According to the requirements of the financial supervision authority CSSF (Commission de Surveillance du Sectuer Financier), IT service providers are subject to authorization and supervision of the regulator just like banks and financial institutions.

- For our potential clients, banks and other financial institutions in Luxembourg, the PSF authorization proves that Comarch guarantees the highest level of data security and reliability of services. CSSF regulations reduce the risk for financial institutions which can chose between insourcing vs. outsourcing service models – explains Adam Tymofiejewicz, PSF Director (Head of Security and IT) at Comarch Luxembourg S.a.R.L.

- Gaining the authorization involves complying with CSSF demanding requirements concerning IT infrastructure and data security as well as the company structure and implementation of processes within the company. The regulator implements a three tier independent audit system to ensure maintaining the highest PSF standards - says Anna Lik, PSF Director (Head of Administration and Marketing) at Comarch Luxembourg S.a.R.L.

Comarch has delivered IT solutions to more than 40 capital markets institutions, with assets under management exceeding EUR100 billion since 1998. A wide range of expertise in various IT technologies enables Comarch to build systems of all sizes, running in environments of different levels of complexity, with diverse client interfaces. Among Comarch’s clients are the following financial groups: Skagen Funds, Aviva, DnBNord, ING, KBC, Union Investment, AIG, AXA, Raiffeisen, Nordea, Unicredito Italiano, Generali, PKO, Quercus, Aegon, PZU, Rosgosstrakh, KINTO, Commerzbank, Calyon, Deutsche Bank, Credit Suisse, BNP Paribas Fortis, AIB, Banco Comercial Portugues, Unicredit, Carlo Tassara, Allianz, Amplico, Cali Europe, Concordia, Credit Agricole, Generali, Warta, Sampo, SEB Europa, ING Nationale-Nederlanden, INIQA, GE Money.

About the Author
Grand Duchy of Luxembourg
Comarch Luxembourg S.a.R.L.
Route d’Arlon 23
L-8008 Strassen
Phone. + 352 271 168 18 , + 352 271 168 19

Tags: comarch, finance, luxembourg, psf, authorization

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