Fintech companies and banks don’t work against each other, but increasingly in tandem. Together they can simplify processes and offer bank customers additional benefits. The prerequisite for this collaboration is to have simple interfaces that connect financial institutions and third parties such as fintech companies. Swisscom Open Banking Hub provides a secure platform for digital data communication in existing and future financial ecosystems. It enables secure connection of the providers and users of services that are offered via APIs.
Only one interface with direct access to different providers and API services.
Fulfilment of the security and compliance requirements and anonymisation of the users.
Non-binding testing of the API solutions and individual billing according to use.
Expansion of existing E2E-Hub functions for further services (workflow, PSD2, GDPR etc.)
On the marketplace of the Open Banking Hub, providers and users exchange their range of API services. While the users will be mainly banks, the service providers can be fintechs and start-ups but also banks and other third-party providers (TPPs). The advantage of connecting via Open Banking Hub is that the providers and users only have to connect to the Hub a single time. One they are connected, they can benefit from all of the API services that are offered via the Hub.
The Open Banking Hub can be used on two levels: The API Sandbox, as it is known, allows users to try out the services of the providers, simply and with no obligations. The live usage of the third-party solutions happens in the secure zone of Swisscom’s bank IT infrastructure, in which the core banking systems of around 80 financial services providers are already operating. It fulfils the high requirements for compliance and security.