OpenWealth Association, a Swiss-domiciled open banking initiative, has announced the addition of Google Cloud as an active member and application programming interfaces (API) service provider.

OpenWealth collaborates with custodian banks, wealth management software providers and API Service providers to develop, maintain and distribute standardised APIs for the global wealth management space.

As part of the association, Google Cloud in Switzerland will support the development of the OpenWealth API Standard and its distribution through the use of Google Cloud solutions.

The partnership will enable OpenWealth to bolster its experts in API-based business models and technical expertise.

Additionally, Google Cloud will support the association to distribute the API standard internationally.

Apigee, the firm’s API management platform, is said to be one of the most used software solutions to expose open API worldwide.

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By GlobalData

Google Cloud Switzerland head of Financial Services Roi Tavor said: “Today, financial institutions have a unique opportunity to create a truly personalized experience for their wealth management clients, by offering products and services from within a broader ecosystem.

“We are thrilled to join the Open Wealth Association to jointly shape and foster the API innovation landscape and culture within the Swiss Financial Services Industry and look forward to contributing as Google Cloud.”

OpenWealth Association vice-president Simon Alioth added: “I’m looking forward to working together with Google Cloud Switzerland in the OpenWealth Association. As a leading cloud provider, they will bring input for new use cases and support the distribution and adaption of the OpenWealth API standard.”