Finnova Introduces ‘Open Banking As a Service’ Solutionby Fintechnews Switzerland April 26, 2021
Finnova, a Swiss provider of banking solutions, announced that it is launching its ‘open banking as a service’ solution with the implementation of the Swiss NextGen Banking API.
The as-a-service solution enables the simple, efficient and secure connection of third-party companies and fintechs to the Finnova‘s bank clients.
To begin with, it addresses the payment initiation service and the account information service, which are two central business cases. The solution was put into productive operation in the Finnova Community at the beginning April 2021.
It is based on the standard defined by the independent OpenBankingProject.ch association and is the Swiss answer to the EU’s PSD2 directive on harmonisation of payment transactions.
Finnova is implementing its ‘open banking as a service’ solution in close cooperation with Swiss technology and security service provider Ergon Informatik. Ergon contributes its Swiss open banking solution and security products as well as its experience from similar projects with Swiss and EU banks.
Since April 2021, a Liechtenstein Bank has been using Finnova’s ‘open banking as a service’ solution.
Simon Kauth, Chief Product Officer of Finnova said,
“This solution is part of the Finnova product and services strategy. It offers our customer banks ‘banking in the value chain’. The ‘open banking as a service’ solution offers our banks the possibility of implementing platform-based business models.
This means that they can be effectively integrated into the ecosystem and interlinked with external partners for new collaborations. The banks thereby create innovative and attractive services as well as consistent user experiences for their end clients,”
Adrian Berger, Ergon’s MD Finance and Telecom Solutions added,
“The implementation of open banking and the conversion to API-capable infrastructures and platform models provide modern banks with significant advantages for new income and cost-effectiveness.”