A great many companies and institutions in the finance sector have chosen to host their data centers in Luxembourg.
In Luxembourg, the development of outsourcing is actively supported by the Government which has established a specific legislation applying to service providers that enter into outsourcing arrangements with financial institutions. This ensures that service providers are regulated and supervised to the same extent as financial institutions themselves, in order to reduce operational risks and confidentiality breaches. The financial institutions can thus concentrate on their core business and entrust specialised service providers with auxiliary yet business critical activities.
While Luxembourg’s importance in the banking industry was growing, an extraordinary pool of resources and competences for data handling developed. This ensures the high quality of services and professional confidentiality required in the sector and guarantees secure and confidential processing of client information.
The specific “Professional of the Financial Sector (PFS)” statute is granted to service providers that deliver operational services to financial institutions. In addition to fulfilling measures designed to ensure data protection and the high level of confidentiality required by the financial sector, each PSF-agent has to guarantee the physical and logical separation of all data originating from customers from the financial sector in order to obtain the PFS title. All major IT companies located in Luxembourg carry this label, including international groups such as Atos Origin, CSC, Dimension Data, Fujitsu, Hewlett-Packard, IBM, Tata Consulting, Verizon,…
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|Luxembourg for Finance|