Swiss banks have introduced multibanking for private customers via the Open Banking platform bLink from SIX.
Contributing to an Advanced Swiss Financial Ecosystem
The participating financial institutions aim to significantly enhance the openness and advancement of the Swiss financial ecosystem. Through this service, individuals can securely combine their accounts from different banks into a single banking app or integrate them into non-bank apps with their consent. This facilitates easier and more streamlined management of personal finances.
Improving Access to Banking Information
As of the recent announcement, customers of eight Swiss banks and two third-party providers can now connect their accounts for better account information display in a single app. Over 30 financial institutions are offering the necessary data interfaces.
The platform also allows bank customers to access this information through apps from third parties such as fintech firms. Banks mention several applications including account overviews, spending analyses, and budget planners.
In the coming years, more banks will enable their customers to access their account details via third-party apps. Additionally, other financial institutions are expected to roll out multibanking services, bringing enhanced functionalities to non-banks. This is anticipated to foster an open ecosystem that benefits all market participants. For bank customers, new products and services aimed at simplifying everyday finances and increasing transparency in the access of financial information will emerge.
Creating Open Finance in Switzerland
The launch follows a multi-year industry initiative initially proposed by Swiss FinTech Innovations (SFTI) in 2022. The Swiss Bankers Association (SBA) coordinated a Memorandum of Understanding (MoU) signed by several Swiss banks in May 2023, under which institutions committed to providing access to account data through standardized interfaces.
Throughout the development of multibanking, a primary focus has been on securing and controlling non-bank access to banking data while respecting customer consent.
