Swiss banks are launching multibanking for private customers via the open banking platform bLink from SIX. In this way, the participating banks are making an important contribution to an open and innovative Swiss financial ecosystem. Individuals can now securely bundle their accounts from various banks in one banking app or – if they explicitly consent to such – integrate them into non-bank apps, thus giving them a convenient and straightforward way to manage their finances.
Starting this week, customers of eight Swiss banks and two third-party providers can connect their various accounts to consolidate and display account information in a single app. More than 30 banks offer the necessary data interface. What’s more, bank customers can use the same interface to access this information in apps from third parties (e.g. FinTechs). Possible applications currently include account overviews, spending analyses, and budget planners.
In the coming years, more and more banks are expected to enable their customers to access their account data through third-party apps. At the same time, other financial institutions will launch their own multibanking offerings and also provide innovative services to non-banks. This will gradually create an open ecosystem for the benefit of all market participants. For bank customers, new products and services should emerge on the market that simplify their everyday finances and make access to financial information more transparent.
With the launch of multibanking for private individuals, the participating banks are making an important contribution to establishing open finance in Switzerland. The open platform bLink, operated by SIX, provides the technical foundation for this. It enables standardized and secure data exchange between financial institutions and third-party providers.
Joint initiative of the Swiss financial center
The launch of multibanking for private customers this week is the result of a broad-based industry initiative spanning several years. The multibanking initiative was launched in 2022 by the association Swiss FinTech Innovations (SFTI). The Swiss Bankers Association (SBA) subsequently coordinated a memorandum of understanding, which numerous Swiss banks signed in May 2023. Under this agreement, the institutions committed to make account data from private accounts accessible via standardized interfaces. A core goal of the multibanking initiative from the very beginning was to enable non-banks secure and controlled access to banking data – always with the express consent of bank customers.
Christoph Müller, Head of Banking Services & Executive Board Member, SIX: “Open banking is gaining momentum in Switzerland. With today’s launch of multibanking, a concrete use case for private customers goes live. We’re delighted that numerous banks are implementing this milestone via our bLink open banking platform.
Now it’s time to push the expansion forward together ‒ because the more institutions that participate, the more complete the offering becomes, the greater the value for customers, and the better the conditions for innovative products.”
bLink: an efficient technological foundation for multibanking
Multibanking is being implemented via the leading Swiss open banking platform bLink, operated by SIX. bLink is based on standardized APIs that ensure the secure and controlled exchange of customer data from banks, regardless of whether they are established institutions or new market participants. Access is granted exclusively with explicit customer consent. State-of-the-art encryption methods and access rights ensure that data integrity and security are guaranteed at all times. The bLink platform is being further developed in close collaboration with the participating banks and FinTechs and is tailored to national market requirements.
More information about bLink and the participating financial institutions and third-party providers:
Multibanking Landingpage
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