Application Programming Interfaces (API), are programming interfaces that allow third-party providers to “dock” to IT platforms, in this case, banks and asset managers. As a cloud provider, Google Cloud will support the OpenWealth Association in spreading the API standard on a global scale. Apigee, Google's API management platform, is a software solution for publishing open APIs worldwide and is used by many OpenWealth members.
The industry initiative has set itself the goal of standardising the interfaces of custodian banks and private banks. This is intended to simplify data exchange between custodian banks and providers of portfolio management systems, as well as between custodian banks themselves. Among others, UBS, Credit Suisse, Julius Baer, ZKB, and SIX are represented in the OpenWealth Association.
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