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.
With Open Finance, bank customers can carry out all their financial transactions in a familiar environment. They will use the samelogin to pay bills, trade securities, check their insurance coverage or manage their credit card bill – no matter what provider orservice provider they are with.
Open Finance is based on standardised and secure data exchange, with data protection and cybersecurity as top priorities.Swisscom’s Open Business Hub is the powerful technical platform for Swiss banks seeking secure access to the Open Financeecosystem.
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.
Thanks to Open Finance, cantonal and private banks can concentrate on their core competencies, offer their customers services with added value and automate, standardise and accelerate processes. Use synergies more efficiently and leverage for digital transformation.
We pursue the goal of a cross-industry business API ecosystem with diverse "hub-hub-connections"
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.
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.
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.
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).