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Swisscom and SIX combine open finance offerings

Friday 26 March 2021 15:14 CET | News

Switzerland-based telecommunications provider Swisscom and Switzerland-based financial infrastructure operator SIX have announced a technical cooperation to make their open finance hubs compatible. 

The cooperation is intended to make it easier for providers and users of financial services to use Open Finance. According to a SIX representative, this cooperation does not mean a bundling of fintech offers, as there is currently no joint platform planned. It is a matter of future technical cooperation, which addresses the lack of standardised integration of third-party providers into the systems of financial service providers. The partnership will result in an end-to-end solution for the implementation of open networks.

Swisscom has focused on integration, while SIX has specialised in a uniform participation contract as well as structured and standardised testing of third-party providers. The companies want to increase the compatibility of their respective hubs, so banks and third-party providers are promised access to a broader network of potential partners. Swisscom provides an integration layer, which companies can use to connect their systems with the Open Business Hub (OBH) from Swisscom and, in the future, also with bLink from SIX. Swisscom supplements its OBH with digital consent management from bLink, which handles the process of granting the customer's consent for the use of their data. 


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Keywords: Open Finance, Open Banking, financial services, partnership
Categories: Payments & Commerce
Companies:
Countries: Switzerland
This article is part of category

Payments & Commerce