Open Banking
Open Banking enables external providers to access banking data and initiate payments via standardised APIs — with the consent of the account holder.
Open Banking
Open Banking refers to the opening of bank interfaces (APIs) for External providers — with the explicit consent of the account holder. External providers can retrieve account information via these APIs (e.g. account balances, transaction history) or initiate payments on behalf of the account holder.
In the EU, the PSD2 directive (Payment Services Directive 2) forms the regulatory framework for Open Banking. It obliges banks to grant External providers access to account data, provided the account holder consents. In Switzerland, there is no PSD2 obligation, but many banks voluntarily open their APIs — for instance, via the OpenBankingProject.ch initiative.
For e-commerce, Open Banking enables payment methods such as Pay by Bank: customers authorize a payment directly from their e-banking, without a credit card or external provider wallet. This lowers transaction costs for merchants.
Open Banking examples
A FinTech provides accounting software that automatically imports transaction data from business accounts via an open banking API.
An online shop offers Pay by Bank: customers select their bank, log in and authorise the payment — without sharing any card details.
A credit comparison portal uses open banking APIs to automatically retrieve and analyse the applicant's financial data (with their consent).
Open Banking FAQ
What is Open Banking?
Open banking enables external providers to access bank accounts and initiate payments via standardised APIs — always with the explicit consent of the account holder.
Is there open banking in Switzerland?
In Switzerland, there is no statutory open banking obligation like PSD2 in the EU. However, many Swiss banks are opening their APIs voluntarily, for example as part of the OpenBankingProject.ch initiative.
What is Pay by Bank?
Pay by Bank is an open-banking-based payment method: you authorize a payment directly from your e-banking, without a credit card. For merchants, transaction costs are typically lower than for card payments.
Is Open Banking secure?
Yes. Open Banking requires the explicit consent of the account holder and uses strong customer authentication (SCA). External providers must meet regulatory requirements and are supervised.
