SIX Launches b.Link – a Central Platform for Standardized Sharing of Financial Data

SIX Launches b.Link – a Central Platform for Standardized Sharing of Financial Data

by May 19, 2020
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Open banking is currently a much-discussed topic. Open banking seeks to establish permanent links between financial institutions and solution providers (third-party providers, TPPs), allowing customers’ data to be shared, subject to their consent, and new offers and services to be created for them.

b.Link is an enabler of new partnerships

Those participating on the b.Link platform can exchange data securely via modern, standardized interfaces (application programming interfaces, APIs). Before a participant is connected to the platform, SIX conducts the b.Link admission test to verify that the partner ensures the secure handling of sensitive financial data. The legal framework is defined by SIX by means of a uniform contract for each participant, which makes time-consuming bilateral negotiations unnecessary.

In this way, b.Link is opening up new possibilities. TPPs and financial institutions can focus more on developing services and products for their end customers, while SIX provides the necessary infrastructure and rules and regulations.

Marco Menotti

Marco Menotti

“With b.Link, SIX is creating the foundation for innovative products for participants and strengthening the Swiss financial center. We are guided by the needs of the market and our customers, and will continue to add new use cases.”

Marco Menotti, Head Business Unit Banking Services, SIX

First accounting and multibanking applications for corporate customers

SIX will initially provide two applications via b.Link.

  • The “Account Information Service for Accounting Solutions and Financial Institutions” allows third-party providers to ob
  • tain detailed account and transaction information from banks for their customers and use it, for example, for reconciliation with accounting. This is always subject to the consent of their customers.
  • Third-party providers can use the “Payment Submission Service for Accounting Solutions and Financial Institutions” to automatically order their customers’ payments at their banks. Then the customer only has to approve the payment in their e-banking application.

SIX will evaluate and implement additional applications for other target groups together with interested participants according to market needs.

Leading financial institutions and innovative third-party providers support b.Link

After a pilot phase, SIX is now launching the b.Link solution on the market together with KLARA as well as Credit Suisse, Neue Aargauer Bank and UBS. The focus will then be on bringing more banks and TPPs onto the platform. Zürcher Kantonalbank plans to begin using b.Link as of September. Intensive talks are currently being conducted with other banks and third-party providers. Interested parties are invited to contact SIX directly for further information.

 

A very good blog post about that platform can be read here: (in German)

Open Banking in der Schweiz: SIX Group lanciert b.Link

 

 

Print Friendly, PDF & Email
The most important Fintech News from Switzerland weekly



  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •