Common API

 

Important Update: The Common API working group has its own website.
Please visit www.common-api.ch for detailed information.

The technical interfaces are becoming increasingly important in the discussion about digitization in the financial sector.  These Application Programming Interfaces (APIs) are used for instance to exchange information between mobile apps and the respective banks. Unification would solely bring advantages. This is what Swiss Fintech Innovations has recognized and has therefore decided to develop a so-called Common API Specification for Finance to serve the banking as well as the insurance sector.

Via Swiss Fintech Innovations, leading companies from the Swiss financial center bundle their forces and ensure a direct exchange between finance, financial technology (Fintech), science, service providers as well as authorities and politics. Representatives of mayor Swiss banks and insurers have joined forces under the leadership of SFTI’s co-director Jürgen Petry with the aim of laying the foundation for a harmonization and standardization of APIs in the finance industry.

The unification of these interfaces will lead to a multitude of win-win situations: Bank customers benefits from faster introduction of new, innovative services. Transactions are greatly simplified both on an intra-corporate level as well as bank-to-bank. For providers of third-party software, the costs also decrease.

On the banks’ side, the core banking software providers are of central importance for interface harmonisation.  From an IT point of view, this software is the heart of a bank. Around three-quarters of the Swiss banking market for core banking software is already covered by Avaloq, Finnova, Finstar and Temenos, the market leaders in this area.  SFTI is working constantly with them on API standardization. As a result, the interfaces are harmonised exactly where the technical responsibility for the operation of the bank lies: Directly at the level of the core banking software.

The Common API Specification for Banking is developed iteratively, starting with the business domain Payments. The Common API Specification for Insurance, in turn, will be addressed at a later date. This is mainly due to the fact that no standards comparable to those of the banking sector exist for the insurance sector yet. The working hypothesis is that the Common API Specification for Banking will provide the most suitable basis for the development of the Common API Specification for Insurance.

Press release on new website of “Common API”
API Specification – Outcome of the working group
Press release on “Common API” Specifications
News: March 13th, 2018 “Common API” Workgroup, Status Update

 

Latest Publications

TopicDateMore details
Mit Sicherheit sicher – API Security im Kontext von Open Finance29 July 2021PDF
Whitepaper on API Security29 July 2021PDF
Wealth-API - ein neuer Schweizer Standard16 March 2021PDF
Whitepaper on Multi-banking Services3 November 2020PDF
Open Banking-Grundlagen in der Schweiz: Jetzt auch für Hypotheken verfügbar22 October 2020PDF
Open Banking nun auch für die Vermögensverwaltung und Wertschriften: SFTI und die OpenWealth-Initiative schaffen neuen Standard29 September 2020PDF
More Clarity in Swiss Open Banking: Leading Initiatives Join Forces26 August 2020PDF
SFTI introduces Swiss API information platform28 January 2020PDF
Schweizer open Banking-Inititiativen - Eine Übersicht3 July 2019PDF
The Swiss financial centre standardises interfaces to drive innovation forward19 September 2018PDF
Swiss open finance API - a quantum leap for Swiss banking?27 July 2017PDF
Specification of Access to account APILink
Specification of Payment APILink
Specification of Mortgage APILink
Specification of Wealth API for Security TradingLink
Specification of Wealth API for Custody ServicesLink
Specification of Wealth API for Customer ManagementLink
Overview of media coverageLink