An Inside Look into Swisscom and CA Technologies’ Open Banking Hubby Fintechnews Switzerland September 20, 2018
Switzerland is stepping up its open banking game, with the Swiss Fintech Innovations Association recently publishing their API standard and Swisscom’s latest partnership with NASDAQ listed software house CA Technologies.
Not wanting to be left behind the nation’s telecom giant, Swisscom announced its strategic alliance to create an Open Banking Hub with CA Technologies.
Commenting on the Open Banking Hub, André Durrer, Head of Digital Business Platforms at Swisscom said,
“Traditional banks and new, nimble Fintechs are no longer working against each other, but rather in tandem to create exciting and compelling new financial solutions, the Swisscom Open Banking Hub provides banks, Fintechs and other third-party providers with a secure and agile platform upon which they can grow business.”
The Open Banking Hub Will Be Built on CA Technologies’ Platform
In this partnership both parties will be standardising on the CA Technologies API Management portfolio — through the partnership both companies intend to create a simple and secure interface to connect financial institutions with 3rd parties.
Built to Connect Financial Institutions to More Than Just Fintech
The concept of the Hub is not limited to the financial services sector and fintech. The solution’s framework, be applied to other industry sectors. With this in mind, Swisscom and CA Technologies plan to extend the initiative to start-ups in other sectors, such as Medtechs, Insurtechs, Govtechs, and Regtechs.
Built to Deliver Security Without Sacrificing User Experience
Both company claims that with their platform, financial institutions and 3rd parties need not worry about challenges relating to security, performance, availability and transparency.
According to them security is managed centrally, traffic can be prioritized to help ensure APIs remain available and responsive, and a variety of deployment models ensure support for a wide range of platforms, including Docker, AWS and Azure.
Operates On Two Levels
The Open Banking Hub can be used on two levels: The API Sandbox, as it is known, allows users to try out the services of the providers, simply and with no obligations. The live usage of the third-party solutions happens in the secure zone of Swisscom’s bank IT infrastructure, in which the core banking systems of around 80 financial services providers are already operating. It fulfils the high requirements for compliance and security.