An interview with Sven Siat, Head Connectivity at SIX about Open Banking in Switzerland; comparison to the state of Open Banking in the EU and Switzerland; attempts to standardize connectivity between banks and FinTechs (third-party providers) and SIX-developed b.Link platform connecting FinTechs and banks - user benefits, key clients and onboarding. What's in store for the connectivity efforts in Switzerland later this year? Listen in and find out more!
In this episode, you will find more about:
- The state of Open Banking in Switzerland and comparison to the EU
- PSD2 in the EU - is it fostering cooperation between banks and FinTechs in a balanced way, or not?
- Can we have one standard worldwide for connecting FinTechs and banks, or will we end up with the electrical sockets situation?
- How does one develop an enterprise-grade platform in Switzerland with multiple stakeholders? Example: pilot data exchange program involving UBS, Credit Suisse, Klara and Abacus
- b.Link, a platform for standardized interfaces open to the banks, FinTechs and software providers, developed by SIX, enabling them to provide account information or payment services: key clients and onboarding on b.Link
- What's in store regarding the connectivity of the financial institutions in Switzerland for later this year
In Switzerland, we are in the early days of open banking and we have several players and initiatives, many focus on technical aspects only. Our approach is a bit different, we not only focus on the technical aspects (we do have the technical expertise to run reliable and scalable financial infrastructure), but I think we also understand the challenges that banks have with regard to legal and compliance matters.
This episode of the Financial Markets Series was brought to you by SIX, the Swiss Exchange Group. If you would like to learn more about SIX, please go to www.six-group.com.
The intro and outro messages were kindly narrated by Sara Palmbush, PR and content specialist.
What is Voice of FinTech?
Aiming to inspire entrepreneurs to launch their new ventures. Connect FinTech enthusiasts with start-ups, incubators, accelerators, investors and incumbents.