Switzerland Opens Multibanking Access Across Banks and Apps
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A new announcement published earlier today, November 25, by SIX, says that bank customers in Switzerland will be able to bundle their accounts from various banks into a single banking or fintech app moving forward. This was made possible thanks to the rollout of the bLink open banking API created by SIX.
The firm’s media release said that starting this week, users of eight Swiss banks and two third-party providers can connect their various accounts to consolidate and display account information in a single app.
Furthermore, over 30 banks offer the necessary data interface, and bank customers can use the same interface to access this information in apps from third-party fintechs as well. SIX has listed several possible applications of the new system, such as account overviews, spending analysis, and budget planners, to name a few.
In the years to come, SIX expects that more and more banks will join the program and allow their users to access their account data through third-party apps. At the same time, other financial institutions are expected to launch their own multibanking offerings and provide innovative services to non-banks.
In time, this could lead to an open ecosystem for the benefit of all market participants. From the customers’ perspective, new products and services should start appearing on the market, and using them should simplify everyday finances and make access to financial information more transparent.
bLink Enables Multibanking While Guaranteeing Data Security
Commenting on the matter, SIX’s Head of Banking Services and Executive Board Member, Christoph Muller, said: “Open banking is gaining momentum in Switzerland. With today’s launch of multibanking, a concrete use case for private customers goes live. 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,” he noted
As mentioned, multibanking was made possible via the Swiss open banking platform. bLink, operated by SIX. Based on standardized APIs that ensure the secure and controlled exchange of user data from banks, bLink grants access exclusively with explicit customer consent.
It features state-of-the-art encryption and access rights that ensure data integrity and safety are guaranteed at all times. The platform is being developed further even now, with participating banks and fintechs collaborating with SIX, as they continue to tailor it to the national market’s needs.
