Open finance enables financial data exchange via standardized interfaces at client request, e.g. one app to manage multiple accounts and/or combine financial data.
Unlike UK, EU member states etc., no legal obligation in Switzerland for financial entities to make financial data available to third-party providers at client request.
In spite of developments and promising projects to date such as retirement provision, portfolio management, payments, multi-banking, more progress is now needed.
Welcomed federal department of finance (FDF) targets for work needed, to strengthen Swiss financial center digital self-determination and innovation and competition.
Next Steps
SWI SECO has instructed the FDF to submit measures by Jun. 2024 in the event that the financial sector does not sufficiently commit to opening up its interfaces.
Federal department of home affairs to review retirement provision data digital access.
Dec. 2022, Developing Open Finance
On Dec. 16, 2022, SWI GVT Federal Council issued details of open finance objectives.
Aim to strengthen the ability of people to be able to use their financial data freely.
Including in order to be able to benefit from new services, and the capacity for innovation and the competitiveness of the Swiss economy and financial center.
