SIX to roll out new wealth management APIs on b.Link’s open banking platform

By Megha Bhattacharya

The SIX Swiss Exchange today announced that it will be launching three new interfaces for Swiss wealth management on the b.Link open banking platform. The wealth management interfaces are expected to allow banks to connect with external asset managers via portfolio management system providers.

Part of the OpenWealth Association, SIX launched the b.Link open banking platform in May 2020 in a bid to boosting partnerships within the Swiss financial sector. The OpenWealth Association was created by St.Galler Kantonalbank and the consulting firm Synpulse. St.Galler Kantonalbank, Zurich Kantonalbank and a number of portfolio management system (PMS) providers have agreed to implement the OpenWealth APIs on the existing b.Link open banking platform operated by SIX.

Sven Siat, Head Connectivity at SIX, said, “We are delighted to be rolling out the three new APIs on b.Link in conjunction with OpenWealth. Banks and third-party providers will now be able to use the interfaces for their daily business. This is pioneering work.”

“Implementing and establishing the OpenWealth APIs will showcase the potential within our modular platform. We are constantly investing in the b.Link functionalities and adding new interfaces to provide new applications for our clients and their end customers. To that end, we are actively involved in leading market-driven standardization initiatives like the OpenWealth Association,” commented Sven Siat.

Recently, SIX announced the launch of SIX Tax Score for analysing the tax consequences of financial products, available to banks, wealth managers and asset managers in the form of a benchmark covering Swiss, UK and French tax jurisdictions. The new solution calculates a daily tax cost ratio for the asset in question. The calculation method of the new data tool was developed in partnership with a global Big Four tax partner. The company is currently working to expand the scope of SIX Tax Score with the inclusion of other tax jurisdictions to service the growing customer base.