Open Banking initiatives, which are underway throughout the world, can be divided into two categories. Some initiatives have been initiated by the regulator, such as PSD2 in the EU. Others are being driven by market participants, like in the US. The UK is special in that the regulator, in addition to PSD2, specifies how banks must open up.
In Switzerland, we have the advantage that banks can become part of the solution. They shape the outcome by themselves, without the need for the regulator. While it may take a little more time to reconcile the various interests, we can also use this time to learn from other markets.
With the launch of b.Link, our job at SIX is far from finished. We are constantly adding new participants to the platform – TPPs and banks alike – to solve the chicken and egg problem that all platforms have. This also includes our ongoing work to educate people about Open Banking in the Swiss market.
At the same time, the launch of b.Link is a call to action for the banks, urging them that now is the time to get involved and help shape the solution.