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Open banking in Switzerland – an overview

11.08.2020

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There are currently eight different initiatives promoting the establishment of open banking in Switzerland.
Ergon is a founding partner of OpenBankingProject.ch.

    Projects

    Aims

    Services offered

    Customer segment

    Coverage

    Strengths

    Live since

    Website
    Avaloq.one Ecosystem Promoting the development of innovative, open banking solutions and simplified integration of fintechs with Avaloq banking systems, via standardisation Test Market place including developer portal with API documentation, sandboxing and API management services Banks and fintechs, global Account information, credit, customer services, asset management, robo-advisors, payments, securities trading, PSD2 Berlin Group
    • Rapid self-onboarding
    • Sandboxes for banks and developers
    • Complete API lifecycle
    • BIAN standardised REST APIs
    		 April 2019 avaloq.one
    Common API* API specifications tailored to Switzerland's financial industry and support for enabling and reference implementation
    • Information portal
    • Knowledge-sharing platform
    • Coordination committees
    • Networking
    		 Banks and insurance companies, third-party providers, regulatory bodies and authorities APIs for banks’ and insurance providers’ business segments that include non-differentiated services or those for which there is significant demand
    • Cross-sector and vendor-independent project
    • High level of networking in Switzerland’s financial centre
    		 September 2018 common-api.ch
    Finnova Open Platform Supporting banks’ individual digitalisation strategies and enabling open ecosystems Solution modules for integration and orchestration projects for banks with third-party systems and the Finnova core suite Banks, financial-service providers and third-party providers Support for integration and orchestration of third-party systems, both amongst themselves and with the Finnova core suite
    • Efficiency and effectiveness
    • Reuse
    • Differentiability
    • Cost benefits in orchestration
    • Integration and operation
    		 April 2020 finnova.com/en/open-platform.html
    Finstar Open Platform Connecting partnership-orientated and tech-savvy companies in an innovative network for a growing ecosystem “Banking licence as a service” for payments, cards, account information and investment business Swiss banks, financial-service providers and third-party providers Online onboarding and account opening, payments, cards, account information, fixed-term deposits
    • Flexible and rapid implementation
    • Networking between sectors and stakeholders
    • Banking services with API functionality
    		 January 2018 www.finstar.ch
    Inventx Open-Finance-Plattform A service ecosystem aimed at the specific needs of the Swiss financial industry Agile “prosumer” network in which both service consumers and providers play an active role Swiss banks, financial service providers, third-party providers and application/integration providers
    • Highly secure ix.Cloud combined with financial applications
    • Simple integration of partners and individual access to services
    • Vendor independent
    • Security layer
    • Cost reduction through economies of scale
    • Access to wide range of financial services
    		 January 2020 inventx.ch/ofp
    Open Banking for Switzerland from SIX* Simplification of cooperation between banks and third-party providers to focus on developing an innovative range of services for end clients
    • Solution including contractual arrangements and approval testing for third-party providers
    • Platform including API specification
    • Option for monetising API calls
    		 Swiss financial institutions and third-party providers First applications: account information and payments, with focus on accounting solutions and multibanking
    • Comprehensive solution covering technical, regulatory and legal requirements
    • In production at Swiss banks
    		 May 2020 six-group.com/b.link
    OpenBankingProject.ch Exploitation of API standards and coordinated expansion within the community as a basis for new business models
    • Networking and knowledge platform
    • Operationalised APIs including sandbox
    • Networking and community events
    		 Swiss banks, financial service providers, third-party providers and application/integration providers Account information, payments and financial statements as a Swiss adaptation of the Berlin Group’s NextGenPSD2 API; ongoing expansion in fields of securities and financing
    • Independent, neutral and broad-based project
    • Integrated approach
    • Instantly useable, well-established API standards
    • First version of API in use
    		 December 2019 openbankingproject.ch
    Open Business Hub Technical support for development of partner networks and connection to other hubs
    • Shared technology: API and integration layers, monitoring and security framework
    • Development, integration and operation of interfaces
    • Market place
    		 Swiss banks, financial service providers and insurance companies, e-government, third-party providers
    • Covers all retail and private banking segments
    • Cross-segment integration of banking and insurance services
    • Cost sharing via scaling
    • End-to-end interface management
    • Security of partner network
    • Comprehensive service features
    		 May 2018 https://marketplace.businesshub.swisscom.ch/

     

    Table contents based in information supplied by the individual open banking initiatives. (last updated April 2020).

    *The Common API and Open Banking for Switzerland from SIX initiatives joined forces in August 2020, but will also remain as listed.