The Common API Working Group at the Swiss Fintech Innovations (SFTI) has announced the release of the Card API, designed to support Open Finance use cases for payment cards, including credit, debit and prepaid cards.
The Card API initiative began in 2022, with development led by a core team comprising representatives from Hypothekarbank Lenzburg AG, SIX and Viseca Payment Services SA, among others.
The working group has collaborated consistently since its inception.
To ensure broad adoption, the market review phase was extended to all SFTI member companies as well as relevant payment card issuers in Switzerland, including those not affiliated with SFTI.
Potential users of the API were also invited to provide feedback during this phase.
This first version of the Card API includes read only endpoints that allow access to detailed transaction and card information.
It is intended to support financial technology companies and card issuers in developing new financial solutions with the aim of enhancing customer services and enabling new business opportunities.
Potential use cases include personal or business finance management through the aggregation of transactions across different card issuers, which may help users evaluate spending habits, manage budgets or assess ecological footprints.
The API also enables a consolidated view of cards and their associated tokens across multiple issuers, supporting applications in multibanking and basic expense tracking.
Furthermore, it can be integrated into broader financial platforms that combine data from bank accounts, assets and pensions, contributing to a more comprehensive overview of an individual’s financial situation.
These use cases may serve as a foundation for future services such as financial advice, sustainability assessments, budget planning tools and standardised card overviews.
Commercial arrangements for access to and use of the data including pricing can be negotiated independently between data providers and users.
Fintechs and card issuers are invited to examine the Card API and consider how it could support their product development efforts.
The defined standard is publicly accessible on GitHub.
Future versions of the API are expected to expand its functionality further, introducing features such as enhanced expense management and more detailed card account information.
These developments aim to support the creation of advanced financial services and new business models.
Featured image credit: SFTI
