SIX Digital Exchange has announced its new partnership with fellow Switzerland-based company, Swisscom. This pairing sees the two infrastructure providers joining forces to implement open finance, and mutually improve hub compatibilities. In turn, the duo hopes that they will then offer a complete and interoperable end-to-end solution in the market. This strategy will be based on the implementation of open value networks within an open finance framework.
The Swiss companies will first attempt to tackle the system’s failing when it comes to connecting a range of third-party providers in an accessible manner for the same use case. They will also work to combat the lack of standardisation throughout third-party provider integration.
Swisscom aims to provide an integration layer for companies to connect their systems to Swisscom’s open business hub and, in the future, also link to SIX’s bLink platform. bLink is an open banking platform developed for the Swiss financial centre.
The official press release from SIX stated:
The medium-term goal is for Swisscom and SIX to further strengthen interoperability between their respective hubs. This will give banks and third-party providers easy and standardized access to an even broader network of potential partners from the financial industry and beyond.
Both SIX and Swisscom have made an effort to highlight the ever-expanding prospects for open finance in Switzerland, with SIX Group mentioning in its press release that the new alliance will strive to enhance the Swiss financial centre’s innovative scope.
The official announcement states:
Both companies are certain that open finance is making a decisive contribution to the formation of ecosystems through standardization and scaling. By joining forces, they are creating the basis for simplifying cooperation and interoperability within the Swiss financial center and thus promoting the competitiveness and innovative capacity of Swiss financial actors over the long term.
What once appeared to be an arms race between the two companies in terms of backing and growth now seems to be the start of a prosperous and mutually benefiting partnership. Swisscom has held powerful states in open-finance offerings for several years now, while SIX has significant banks behind it. The coming together of these two influential companies are, in any case, a sign of the fast-paced nature of Switzerland’s open finance opportunities.
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