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 banking interfaces (APIs) for External provider — with the explicit consent of the account holder. External provider can use these APIs to retrieve account information (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 basis for Open Banking. It obliges banks to grant third-party providers access to account data, provided the account holder consents. In Switzerland, there is no PSD2 obligation, but many banks open their APIs voluntarily — for example 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 third-party wallet. This reduces transaction costs for Comerciante.
Open Banking Examples
A FinTech offers accounting software that automatically imports the account movements of business accounts via an open banking API.
An online shop offers Pay by Bank: customers select their bank, log in and authorize the payment — without entering card details.
A credit comparison portal uses open banking APIs to automatically analyze an 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 standardized APIs — always with the explicit consent of the account holder.
Is there open banking in Switzerland?
In Switzerland, there is no legal 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: customers authorize a payment directly from their e-banking, without a credit card. For Comerciantess, the 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.
