12 January 2026

Are you ready for open finance?

  • Articles
  • Legal
  • Banking / Insurance
  • Data / Technology / IP

On 12 December 2025, the FDF informed the Federal Council about Open Finance. Industry progress will be assessed using indicators. Regulatory requirements for open interfaces are not planned for the time being.

  • Tanja Steiner-Müller

    Senior Legal Associate

On December 12, 2025, the Federal Department of Finance (FDF) informed the Federal Council about the latest developments in the area of open finance in Switzerland. The FDF plans to review future progress in the banking and insurance sectors using clear indicators in order to achieve the open finance targets defined in 2022. The Swiss Federal Council's press release published on December 12, 2025, indicates that regulatory requirements for open data interfaces will continue to be waived for the time being.

What is open finance?

Digital finance, digital banking, open finance, open banking, DeFi, RegTech, and SupTech are just a few of the buzzwords currently preoccupying the financial sector. What does open finance mean?

The exchange of financial data via standardized and secure data interfaces at the request of customers is referred to as "open finance".

This expands on the concept of open banking. Open banking refers to the exchange of banking data via standardized and secure interfaces at the request of customers. Open finance goes further and represents an expansion to the entire financial sector. In addition to banking data, it also includes insurance data or data on securities investments, etc.

At the end of November 2025, multibanking for private customers was launched thanks to a broad-based industry initiative. Multibanking enables customers to manage multiple bank accounts via a single platform. Using standardized application programming interfaces (APIs), data from various account-holding institutions (such as banks) is consolidated and displayed in the digital channels of other institutions or third-party providers – either directly (between the institutions and other third-party providers) or via a central technical infrastructure. Multibanking solutions have been established in the corporate customer segment for some time.

Opportunities and challenges of open finance

Open finance can help to strengthen the innovative power and competitiveness of the Swiss financial center. However, the opening of interfaces and increased data exchange also entail risks, for example in the areas of data protection, cyber security, and operational risks. A target developed by the FDF and noted by the Federal Council in 2022 also stipulates that (in connection with the opening of interfaces) security, customer protection, and data protection must be guaranteed. The protection of customer data and professional confidentiality is central to many institutions. The trustworthiness of third-party providers must also be guaranteed in the long term.

Conclusion

The way in which financial services are provided is constantly changing. Whether you are a financial intermediary, third-party provider, or customer, digitalization in the financial sector affects everyone equally. The term "open finance" is also likely to become familiar to everyone soon. Opportunities also bring risks that need to be overcome.

Do you have questions about the implementation, adaptation, or evaluation of innovative technologies and business models? Are there uncertainties, for example, with regard to data protection, compliance with professional confidentiality, cyber security, or compliance with regulatory requirements? We would be happy to advise and support you.

 

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