Switzerland switches on Open Banking for retail customers

Switzerland has taken a significant step towards a more open financial ecosystem with the launch of multibanking services for private customers, powered by the bLink Open Banking platform operated by SIX.

Switzerland switches on Open Banking

For the first time, individuals can aggregate accounts from multiple banks into a single banking or fintech app, providing a unified view of their finances and laying the groundwork for broader Open Banking adoption across the Swiss market.

Eight major banks and two third-party providers have activated connectivity through bLink this week, with more than 30 institutions already supporting the required data interfaces.

The long-anticipated rollout is the culmination of a sector-wide collaboration spanning several years, initiated by Swiss FinTech Innovations in 2022 and formalised by a memorandum of understanding signed by numerous banks last year.

Its goal: to give non-banks secure, consent-driven access to customer account data via standardised APIs.

Clear Benefits for Consumers

The early wave of applications offers clear benefits for consumers.

Banks such as Luzerner Kantonalbank now allow customers to view external accounts within their own e-banking portals, complete with automated categorisation tools and personal budgeting features.

On the fintech side, newcomers like Liquid are targeting younger users with aggregated dashboards that blend financial planning with gamified challenges and reward mechanisms.

These initial use cases demonstrate how multibanking can enhance financial transparency, simplify budgeting and strengthen consumers’ ability to manage money across disparate accounts.

Christoph Müller, head of banking services and executive board member at SIX, says the momentum is building: “Open Banking is gaining traction in Switzerland. With multibanking, we now have a tangible use case for retail customers, and every new institution that joins strengthens the network and its value.”

The bLink Platform

The bLink platform serves as the technical backbone of this new ecosystem.

By standardising data exchange and enforcing strict security protocols — including explicit customer consent and advanced encryption — it offers a controlled framework suitable for both established banks and emerging fintech providers.

The platform’s architecture reflects Switzerland’s preference for market-led innovation rather than regulator-driven mandates, aligning national requirements with global Open Banking trends.

Looking ahead, adoption is expected to accelerate.

More banks are preparing to open their APIs to third-party apps, while others plan to launch their own multibanking features. As participation expands, Switzerland is poised to develop a genuinely open financial environment in which consumers can more easily switch providers, access innovative tools and enjoy greater control over their financial data.

For a market long known for its cautious approach to openness, the launch marks a decisive turning point — one that signals the start of Switzerland’s broader Open Banking journey.