SIX launches b.Link platform for data sharing between fin institutions and third-party providers

Source: FinanceFeeds 2020-05-20

After a pilot phase, SIX is now launching the b.Link solution on the market together with KLARA as well as Credit Suisse, Neue Aargauer Bank and UBS.

SIX today announces the launch of b.Link, a platform for the standardized sharing of data among financial institutions and third-party providers.

The first phase will see providers of accounting solutions in Switzerland getting the ability to connect to financial institutions under controlled conditions via the standardized b.Link interfaces. Corporate customers can thereby process account information and payment orders directly in their accounting software. SIX operates b.Link as an open platform and will continuously increase the number of participating financial institutions, third-party providers and applications.

Those using the b.Link platform can exchange data securely via modern, standardized interfaces (APIs). Before a participant is connected to the platform, SIX conducts the b.Link admission test to verify that the partner ensures the secure handling of sensitive financial data. The legal framework is defined by SIX by means of a uniform contract for each participant, which makes time-consuming bilateral negotiations unnecessary.

This way, b.Link is opening up new possibilities. TPPs and financial institutions can focus more on developing services and products for their end customers, while SIX provides the necessary infrastructure and rules and regulations.

SIX will initially provide two applications via b.Link:

The “Account Information Service for Accounting Solutions and Financial Institutions” allows third-party providers to obtain detailed account and transaction information from banks for their customers and use it, for example, for reconciliation with accounting. This is always subject to the consent of their customers.
Third-party providers can use the “Payment Submission Service for Accounting Solutions and Financial Institutions” to automatically order their customers’ payments at their banks. Then the customer only has to approve the payment in their e-banking application.

SIX will evaluate and implement additional applications for other target groups together with interested participants according to market needs.

After a pilot phase, SIX is now launching the b.Link solution on the market together with KLARA as well as Credit Suisse, Neue Aargauer Bank and UBS. The focus will then be on bringing more banks and TPPs onto the platform. Zürcher Kantonalbank plans to begin using b.Link as of September.

Talks are currently being conducted with other banks and third-party providers.

SIX launches b.Link platform for data sharing between fin institutions and third-party providers

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