Open banking refers to the opening of banks and parts of their data to third party providers (third party providers - TPP - such as Fintechs). At its core, Open Banking describes the innovative use of bank data that is available via APIs (Application Programming Interface) not only to the "respective" bank, but also to other providers. It can be assumed that this opening will profoundly change the banking landscape. However, there are new opportunities for banks, start-ups and fintech companies.
Switzerland is banking on a market-economy solution. In contrast to other countries and especially the EU, these efforts are not defined by the regulator.
(Source: When regulation becomes a driver of innovation, Ralph Hutter, Finnova)
No, the question of how the Swiss financial centre, the financial industry and the banks will position themselves in concrete terms remains open. It currently seems utopian that the entire Swiss financial centre (whether regulated or self-regulated) will soon agree on a common open banking standard or even produce a broader definition of open banking. It will therefore remain the responsibility of the individual financial market participants for an indefinite period of time to actively pursue a strategy with regard to openness.
The goal is the operationalization and use of standardized application interfaces (APIs) in the Swiss financial industry.
OpenBankingProject.ch is based on the knowledge platform on which the results of the project are published. In particular, this knowledge platform is intended to facilitate learning from each other and the profits of new business ideas, partnerships and customers.
PSD2 requires banks and other third party providers in the EU to provide access to bank accounts to third parties. It is intended to create a uniform legal framework in the EU for electronic, mobile payment initiation service providers and account information providers.
Switzerland has not adopted this regulation. It is currently being discussed whether a PSD2-equivalent law should be introduced.
Financial technology in short FinTech is a collective term for modern technology in the financial sector. In recent years, they have distinguished themselves particularly through new or further development in the financial services sector and have thus attracted increased attention.
In the area of Open Banking, Fintech's so-called Third Party Providers (TPP).
An API is a set of defined functions and procedures for accessing the functions and data of an application. They form an important technological basis for the efficient networking of companies. Standardization makes it possible to use a wide variety of products and services.