Is the Swiss software engineering market really competitive

adorsys paves the way for open banking in Switzerland.

Important contribution to uniform financial standards in Switzerland to promote the competitiveness of banks, third party providers and FinTechs.

Nuremberg / Zurich, February 2020 - adorsys shows increased commitment in Switzerland: Together with the Swiss industry association Swiss Fintech Innovations (SFTI), the Nuremberg software company is working on a uniform interface standard for Swiss financial institutions. The implementation of the open banking concept in Switzerland is to be actively promoted in partnership.

Swiss banks have to follow suit

The expectations of financial institutions will continue to rise. In order to remain competitive in the private customer business and to retain customers, Swiss banks could open their systems to third parties, not because they are forced by certain regulations, but because customers are increasingly demanding extended banking services.

Together with adorsys, the Swiss industry association is now working intensively on a universal standard for banks and insurers. While the specification of the Berlin Group NextGenPSD2 in the context of PSD2 only refers to the European area, the project group is working on a Swiss specification - adapted to the Swiss financial market. Starting as a working group, the industry association has developed into one of the leading Swiss initiatives in the API context, in which a large number of industry giants are represented. Banks such as Credit Suisse, Raiffeisen, ZKB, Hypothekarbank Lenzburg, Lombard Odier, Valiant and Vontobel work together with insurers such as AXA or Swisslife and are supported by market leaders for Swiss banking software. The already developed API specification for account data access and payment transactions are published on the published.

Together with SFTI, adorsys is developing a sandbox that will serve as a test and development platform for banks, third party providers and FinTechs. The basis is a common interface, the Common API. The sandbox will be published shortly. The Nuremberg-based IT company brought in its in-depth expertise in the development of industry-specific software as well as the experience from long-term memberships in the Berlin Group NextGenPSD2 and in The NextGenPSD2 Implementation Support Program (NISP).

"The Swiss financial market has recognized that it has very high potential through open banking and can thus establish itself as a top FinTech location."René Pongratz - Vice President of Marketing & Sales at adorsys.