SIX launches data sharing platform for financial institutions and third-party providers

The Swiss Stock Exchange (SIX) announced the creation of b.Link platform as a basis for the for innovative partnerships between financial institutions and third-party providers.

In the first phase, the standardized b.Link interface will allow providers of accounting solutions in Switzerland to connect to financial institutions under controlled conditions. Corporate customers can consequently process account information and payment orders directly in their accounting software. SIX plans to continuously increase the number of participating financial institutions, third-party providers and applications.

b.Link platform users can exchange data through a secure, standardized interfaces (APIs). Before a user is connected to the platform, SIX conducts the b.Link admission test to verify that the partner ensures the secure handling of sensitive financial data. The legal framework is defined by SIX by via a uniform contract for each participant, rendering time-consuming bilateral negotiations unnecessary.

The b.Link platform opens new possibilities. TPPs and financial institutions can focus more on developing services and products for their end customers, while SIX takes over the provision of the necessary infrastructure and rules and regulations.

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Marco Menotti, Head Business Unit Banking Services, SIX said:

Marco Menotti

With b.Link, SIX is creating the foundation for innovative products for participants and strengthening the Swiss financial center. We are guided by the needs of the market and our customers, and will continue to add new use cases.

b.Link will initially support two applications:

  • The “Account Information Service for Accounting Solutions and Financial Institutions” allows third-party providers to obtain detailed account and transaction information from banks for their customers and use it, for example, for reconciliation with accounting. This is always subject to the consent of their customers.
  • Third-party providers can use the “Payment Submission Service for Accounting Solutions and Financial Institutions” to automatically order their customers’ payments at their banks. Then the customer only has to approve the payment in their e-banking application.

SIX will assess and launch additional applications for other target groups together with interested participants according to market needs.

After the testing phase, SIX is launching the b.Link platform together with KLARA, Credit Suisse, Neue Aargauer Bank and UBS. The focus will be to attract more banks and TPPs to the platform. Zürcher Kantonalbank has shared plans to start using b.Link as of September. There are currently talks with other banks and third-party providers.

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