One key factor for the success of open banking is the standardisation of interfaces as banks and their customers need a common standard that they can trust.

Only then can the best possible conditions be established for implementing innovations cost-effectively. In the “Payments” and “Access to Account” business areas, this is now a reality.

The two initiatives Common API and b.Link have defined a compatible standard for both areas, which is already in use among the participating banks and third-party providers on the latter’s open banking platform. For example, corporate customers can use it to compare their online accounting against their bank account automatically.

The initiatives: Common API and b.Link

The two driving forces in Swiss open banking are platforms and standards. Via standardized interfaces, the b.Link platform from SIX connects banks with third-party providers of financial services, which may include fintechs, conventional software companies as well as banks. The interface opens up new business areas for all platform participants. With the b.Link platform, a fast connection requiring minimal effort is possible without neglecting security or data protection.

In addition to that, standards are required to simplify the connection in technical terms. For this reason, the Common API initiative was launched by the Swiss FinTech Innovations (SFTI). SFTI works in close coordination with Swiss financial institutions, providers of core banking software, fintechs, and other relevant players to standardise banking interfaces. Its API specifications for “Payments” and “Access to Account” are now modeled to be compatible with b.Link’s productive APIs.

New interface standards

Looking to the future, it will be essential to join forces when establishing further interfaces to ensure a single standard for each business area. In this context, the two initiatives are pursuing the shared goal of creating uniform Swiss standards for other business areas such as mortgages and securities. Banks and third-party providers should be able to build on these standards securely and provide optimal support for their customers’ financial transactions with innovative services.

The two initiatives intend to continue working closely together in the future, where existing standards and specialist expertise from the market are taken into account. In this way, they bolster trust in open banking and equipping the players in the Swiss financial institutions for an open and digital future.

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