Following the cooperation between Swisscom and SIX announced in March, this collaboration is a second important step towards the implementation of open finance in Switzerland. These collaborations will enable financial institutions and third-party providers to gain easier access to the Swiss open-finance ecosystem.
Just a year ago, there was a noticeable reluctance to embrace the growing open-finance movement in Switzerland. Not enough standardization or coordination between the various initiatives and market solutions. Inventx and SIX have therefore decided to make their respective platform offers interoperable. In this way, the market will be offered a comprehensive end-to-end solution for the operationalization of open finance in the future.
Such technical cooperations between existing platforms is important because it simplifies and standardizes connectivity to open-finance ecosystems. The more players that can participate in the ecosystems, the more the scaling effect will take hold for innovative partnerships and new API-based business models in the Swiss market.
“Co-opetition”: double the benefits for financial institutions
Inventx and SIX are combining the strengths of their respective ix.OpenFinancePlatform (ix.OFP) and bLink offerings to make it easier for financial institutions and third-party providers to connect to each other or integrate into ecosystems through a coordinated process. The respective platform offerings will continue to exist independently in the market.
As part of this “co-opetition” – a cooperation benefiting the market with simultaneous competition of the offerings – the participants get double the benefits: After successfully connecting, they can choose between the best services on both ix.OFP and bLink.
With this cooperation, the two technology providers are sending another positive signal in the discussion about more standardization – especially when it comes to financial institutions. Both companies are convinced that all participants and the Swiss financial center as a whole will benefit from the formation of overarching open-finance ecosystems.