An « Open Banking as a Service » solution by Finnova
Finnova has put into productive operation in the Finnova Community, on 1 April 2021, its ‘open banking as a service’ solution with the implementation of the Swiss NextGen Banking API. The as-a-service solution enables the simple, efficient and secure connection of third-party companies and fintechs to the Finnova banks. To begin with, it addresses the payment initiation service and the account information service, which are two central business cases. The solution is based on the standard defined by the independent OpenBankingProject.ch association and is the Swiss answer to the EU’s PSD2 directive on harmonisation of payment transactions. Ergon’s Swiss open banking solution is a central part of the as-a-service product. This new offer makes ‘banking in the value chain’ tangible.
This Finnova initiative should enable Switzerland to accelerate its open banking offer compared to other European countries.