Open Finance ecosystem with Open Business Hub
Open Finance access for cantonal banks and private banks
Open Finance is changing the business models of banks. Thanks to open interfaces, bank customers can centrally managecurrent accounts or securities accounts at multiple banks and insurance companies in one place – for example, your bank’s onlinebanking. This makes it possible to exchange data in a secure environment and generate added value.
Your benefits
- Ready: secure, high-performance platform well-established in the banking industry
- Open: integrates data and/or functions via API in both directions
- Fast: competitive, needs-oriented offerings thanks to rapid innovation
When is it the right solution?
The Open Finance ecosystem is suitable for all banks that want to exchange data with other financial service providers andintegrate innovative functions into their applications. Connection via our Open Business Hub, the platform for digital value chains,is seamless and secure.
Why Swisscom?
- Experienced: we have been networking banks, financial services providers and fintechs since 2017
- Impressive: state-of-the-art platform for building digital partner networks
- Networked: we have been actively connected to SIX bLink since March 2021
Open Business Hub at a glance
We pursue the goal of a cross-industry business API ecosystem with diverse "hub-hub-connections"
Open Finance in Switzerland
Customer needs are changing rapidly. In the past, customers visited banks in person, today they do their banking using the bank’s digital and physical touchpoints – tomorrow they will be using a single, provider-independent environment for all offerings.
Pain point 1
Lack of standardisation
The lack of standardisation makes it difficult to integrate third-party providers and scale business models. Open Finance is crucial for thefuture of the Swiss banking industry. That is why the Federal Council wants to standardise data interfaces.
Pain point 2
The schedule
The Swiss Federal Department of Finance must propose Open Finance measures to the Federal Council by June 2024 if Swiss banks cannot agree on common standards by then. Time is of the essence.
The solution
Swisscom Open Business Hub
The Open Business Hub has been connecting banks, fintechs, start-ups and insurance companies since 2017. All participants can easily and securely obtain or provide data and integrate functions via open and standardised interfaces (API).
