Swiss banks have launched multibanking for private customers through the open banking platform bLink, operated by SIX.
The initiative allows individuals to securely consolidate accounts from different banks in a single banking app or, with explicit consent, integrate them into non-bank applications, offering a simplified way to manage their finances.
From this week, customers of eight Swiss banks and two third-party providers can link multiple accounts to display information in one app.
More than 30 banks provide the necessary data interface.
The same interface also enables customers to access account data through third-party applications, such as fintech apps, with potential uses including account overviews, spending analyses, and budget planning.
Over the coming years, more banks are expected to provide customers with access to account data via third-party apps.
Additional financial institutions are also likely to launch multibanking services, creating an open ecosystem intended to benefit all market participants.
For customers, this could lead to new products and services that simplify financial management and improve transparency.
Christoph Müller, Head of Banking Services and Executive Board Member at SIX, said:
“We’re delighted that numerous banks are implementing this milestone via our bLink open banking platform. Now it’s time to push the expansion forward together, because the more institutions that participate, the more complete the offering becomes, the greater the value for customers, and the better the conditions for innovative products.”
The multibanking initiative began in 2022 under the association Swiss Fintech Innovations (SFTI) and was later coordinated by the Swiss Bankers Association.
Participating banks committed to providing access to account data via standardised interfaces, ensuring that non-banks can access information securely and with explicit customer consent.
bLink provides the technical foundation for multibanking, using standardised APIs and advanced encryption to ensure secure data exchange and integrity.
The platform is continually developed with input from banks and fintechs and is adapted to meet national market requirements.
Featured image credit: SIX
