Open finance becomes a reality: multibanking launches for retail customers

Retail customers can now bundle accounts with multiple banks together and view them in a single app. This has been made possible by the cooperation of more than 30 banks and fintech companies. The banks provide the necessary data interface. Customers can thus input their financial information directly into other banks' or third parties' apps, for example to analyse their spending or plan a budget.

This infrastructure also forms a basis for further promising use cases, for instance with regard to pensions. By integrating data from all three pillars of the pension system into existing e-banking and mobile banking systems, customers could keep an overview of their complete retirement savings situation at all times. This would be technically possible, but it would require pension funds and banks to share data with each other. The banks have now laid a foundation for this.

The launch of multibanking is the result of a broad-based industry initiative supported by Swiss Fintech Innovations (SFTI) and the Swiss Bankers Association (SBA). The industry is proactively implementing the open finance objectives formulated by the Federal Council through a customer-focused approach. Customers benefit from a broader overview, ease of use and control over their finances - excellent proof of the Swiss financial centre's innovative power.

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