Let’s take the topic of Open Finance, i.e. the (in some cases cross-sector) exchange of data at the request of customers, which has developed internationally primarily as a result of regulatory requirements. In the meantime, however, the advantages of Open Finance for customers, the economy and society have also been recognized in Switzerland and are being demanded with increasing vigor.
Open Finance is still in its infancy in Switzerland. The new business models are currently being examined in depth, primarily from a technical perspective, with SFTI’s Common API working group playing a central role in the standardization of API interfaces, security recommendations, etc., and thus providing an important building block for Open Finance in Switzerland (see also the media releases of the Swiss Bankers Association and SFTI dated March 4, 2021). However, fundamental work on the various collaboration models and resulting data flows from a legal and economic perspective was only rudimentary for Switzerland. This made understanding between the individual market participants difficult and created legal uncertainty, which complicated cooperation.
This is where the “Collaboration Models” project launched by #FinTank came in. A project in collaboration with Swiss FinTech Innovations (SFTI), supported by the State Secretariat for International Financial Matters (SIF). A holistic overview based on fundamental scientific work on the possible collaboration models is intended to provide clarity, mutual understanding and thus a basis for upcoming strategic decisions by market participants and the authorities.
The overview was developed in three dimensions. The published study presents different collaboration models, shows variants for building trust between market participants and captures the views of the different actors involved.
You can find a short summary of the study here: Link
Trends and outlook
The project contributes to the clarification of key terminology and the creation of a common understanding of the possibilities and forms of cooperation between regulated financial institutions and non-regulated TPPs across all three disciplines (law, economics and technology). This common understanding will serve as a foundation and further facilitate discussions on partnerships within the industry.
Looking ahead, it is important to further deepen these points. The lively and active participation in the survey made it clear that numerous parties are very interested in the discourse on the design of Open Finance in Switzerland and want to contribute to a sustainable, client-centred implementation.