SIX Swiss Exchange has announced plans to launch three new interfaces for its Swiss wealth management on the open banking platform – b.Link.
Launching this year, the new wealth management interfaces will enable banks to connect with external asset managers via portfolio management system providers.
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The b.Link platform, which went live in May 2020 and was initially designed for accounting, enables users to exchange data and services securely through a standardised interface. This, in turn, facilitates partnerships across the financial sector.
Now expanding into the wealth management arena, common API standards for the interfaces were agreed by the Swiss Open Wealth Association in December 2020.
Referring to the work as “pioneering”, Sven Siat – head of connectivity at SIX and responsible for b.Link – commented: “We are delighted to be rolling out the three new APIs on b.Link in conjunction with OpenWealth. Banks and third-party providers will now be able to use the interfaces for their daily business.”
In order to establish the new standards effectively in the market, several portfolio management system providers have agreed to implement the OpenWealth APIs on the existing b.Link platform.
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By GlobalDataOperating the infrastructure for the Swiss financial centre, SIX is a member of the Swiss Open Wealth Association, which was established by St.Galler Kantonalbank and the consulting firm Synpulse in 2020.
Upon joining b.Link, banks and third-party providers can form partnerships with other participants with little effort. In turn, this facilitates the implementation of accepted interface standards quickly across the industry.
Siat continued: “Implementing and establishing the OpenWealth APIs will showcase the potential within our modular platform. We are constantly investing in the b.Link functionalities and adding new interfaces to provide new applications for our clients and their end customers.
“To that end, we are actively involved in leading market-driven standardisation initiatives like the OpenWealth Association.”
Open banking is of growing interest to Swiss banks, highlighted by the dominance of the topic at a recent roundtable discussion organised by the Swiss State Secretariat for International Financial Matters and attended by OpenWealth representatives.
