Open Finance

Switzerland favours a market-oriented approach and is refraining from regulation for the time being. The principle of digital self-determination for clients and implementation primarily by the private sector are the key elements in promoting open finance. There are a number of private initiatives fostering data exchange between banks and fintech companies.

Open finance enables financial data to be exchanged via standardised and secure data interfaces at the request of clients. For example, someone who has accounts at several banks could use the app of one of those banks or a fintech to manage all accounts. Furthermore, financial data could be automatically combined with other data to calculate a carbon footprint, for example.

Unlike in other countries, such as the United Kingdom or EU member states, there is currently no legal obligation in Switzerland for financial institutions to make financial data available to third-party providers at their clients' request.

• Federal Council objectives

  The objectives serve as a guideline for the work to be done. They are intended to strengthen the digital self-determination of clients and promote innovation and competition in the Swiss financial centre.
  Open finance objectives in Switzerland

• Press releases

  19.06.2024
  Progress in implementing open finance in Switzerland
  During its meeting on 19 June 2024, the Federal Council was informed by the Federal Department of Finance (FDF) about the most recent open finance developments in Switzerland. The latest advances made by the industry are considered sufficient enough at this point in time not to propose any further regulatory measures. The FDF will continue to closely monitor developments in the financial sector as a whole based on the targets set by the Federal Council in December 2022.

  16.12.2022
  Federal Council wishes to promote open finance
  During its meeting on 16 December 2022, the Federal Council discussed open finance developments in Switzerland. It instructed the Federal Department of Finance (FDF) to submit measures to it by June 2024 in the event that the financial sector does not sufficiently commit to opening up its interfaces.

  23.12.2021
  Open finance has great potential
  Open finance will also play a key role for the Swiss financial centre in the future. The roundtable held on 23 December 2020 with industry players, chaired by the Head of the Federal Department of Finance, Ueli Maurer, provided an opportunity for in-depth discussions on the topic.

• Selected initiatives in the fintech ecosystem

  Multibanking initiative (2023)
  Over 40 banks facilitate a consolidated account overview.
  Relevance: Seen as a clear commitment by the industry to open banking – the voluntary opening of account interfaces is intended to promote innovation and avoid the need for potential regulation.

  OpenWealth API standard (since 2020)
  Standardised interfaces for wealth management; implemented via the SIX bLink platform.
  Relevance: Demonstrates that the Swiss wealth management industry can create common API standards without being forced to do so by regulators.

  SIX bLink platform (2020)
  Centralised open banking platform for account information, payments and asset data.
  Relevance: Facilitates cooperation between established institutions and fintech start-ups. bLink acts as a technical hub for the Swiss open finance ecosystem.

• Projects

  Progress on open finance (2025)
  The authorities are continuing to keep an eye on open finance initiatives. In the event of self-regulation faltering, binding regulations could also be discussed in the future. However, as long as the sector cooperates successfully, the market-oriented model is likely to remain. The next report for the Federal Council is due by the end of 2025.