The Federal Council has been informed by the Federal Department of Finance (FDF) about the latest developments in Open Finance in Switzerland. The recent progress in the industry is currently deemed sufficient, according to a statement released on Wednesday.

Therefore, the Council will refrain from proposing further regulatory measures.

The Federal Council views the multibanking initiative launched in May 2023 by 40 banks as a clear commitment by the banking sector to Open Finance. Although the Federal Council's goals for Open Finance in Switzerland have not yet been fully achieved, the FDF believes that no governmental actions are necessary at this time.

Interfaces with FinTechs, Insurers, and Banks

Open Finance involves financial institutions providing financial data to other financial service providers, such as FinTechs, insurers, or banks, through standardized and secure interfaces, at the request of customers. The situation will continue to be monitored to see if the multibanking initiative is effectively implemented, if interfaces to non-bank third parties like FinTechs are opened, and how the insurance sector engages with Open Finance.

Unlike the European Union or the United Kingdom, there is no legal obligation in Switzerland for financial institutions to make financial data accessible to third-party providers at the request of customers.