The association created by industry representatives agreed the common API standards in December 2020. The wealth management interfaces will go live on b.Link in 2021. Banks will be able to connect with external asset managers via portfolio management system providers. For many banks, the new wealth management applications are likely to highlight the benefits of moving to Open Banking. As the SIX platform went live in May 2020, banks will be able to enjoy proven and secure access.
The OpenWealth Association was created by St.Galler Kantonalbank and the consulting firm Synpulse – and is a prime example of how the market has shaped the Swiss Open Banking model. In order to establish the new standards effectively in the market, St.Galler Kantonalbank, Zurich Kantonalbank and a number of portfolio management system (PMS) providers have agreed to implement the OpenWealth APIs on the existing b.Link Open Banking platform operated by SIX.
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