Swisscom launches Open Banking Hub

Thursday 9 November 2017 | 17:03 CET | News

Swisscom has launched the Open Banking Hub, a secure platform for exchanging digital information within the financial ecosystem. It relies on simple interfaces that connect financial institutions with third parties such as fintech companies.

The Swisscom Open Banking Hub is being used for the first time to support the cooperation between Baloise Bank SoBa and RegTech start-up Apiax. For banks and their customer advisors, ensuring compliance with regulatory requirements at all times is a major challenge, particularly when customers are from outside Switzerland. Apiax's cross-border solution supports customer advisors by automatically checking which banking products can be offered to specific customers on the basis of a digital rule set. The Apiax solution can be used as a mobile application or connected to the bank's systems over an application programming interface.

If Baloise Bank SoBa wanted to use services of other fintech companies or other third parties, additional interfaces would have to be set up. This complicates the entire system and results in high initial and operating costs. Instead of requiring a new interface for each additional connection, Swisscom's Open Banking Hub offers every market player access to all available APIs on the hub through a single connection.

The Swisscom Open Banking Hub runs on the API gateway solution of CA Technologies, a software developer. The API hub operates on two levels: the API Sandbox gives financial services providers a simple and no-obligation opportunity to try out new applications of third parties who are already connected to the Open Banking Hub. Productive use of the third-party solutions is possible via the Hub within the secure bank IT infrastructure on which Swisscom already operates the core banking systems of around 80 financial services providers and which meets the most stringent compliance and security requirements.

Baloise Bank SoBa is a bank based in the Swiss canton of Solothurn with branches throughout Switzerland. In partnership with Basler Versicherungen, it operates as a focused financial services provider for the whole of Switzerland, offering a combination of insurance and banking services. 

Apiax is a Swiss RegTech start-up which combines legal and compliance expertise with state-of-the-art technology to support customers with the digital management of regulations. On the Apiax platform, complex financial regulations – cross-border for example – are transformed into digital rules and are continually updated and verified by experts. A regulatory cockpit allows legal and compliance departments to digitally review and adapt to regulatory changes. These digital rules can be accessed through an application, provided over an API and integrated in existing applications and processes. During the start-up phase, Apiax was supported by the F10 Accelerator programme, which came to a successful conclusion in April. Since September, Apiax has also been a participant in the Swisscom-sponsored Kickstart Accelerator programme in Zurich.

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