SIX and Inventx have announced that they will be cooperating on Open Finance initiatives.
As part of a strategic partnership, Inventx and SIX will ensure the seamless interconnection of their complementary ix.OpenFinancePlatform and bLink open-finance hubs “going forward.”
Following the cooperation between Swisscom and SIX announced in March, this collaboration is a “second important step towards the implementation of open finance in Switzerland.” These collaborations should allow financial service providers and third-party providers to “gain easier access to the Swiss open-finance ecosystem.”
As mentioned in the announcement:
“Just a year ago, there was a noticeable reluctance to embrace the growing open-finance movement in Switzerland. Not enough standardization or coordination between the various initiatives and market solutions. Inventx and SIX have therefore decided to make their respective platform offers interoperable. In this way, the market will be offered a comprehensive end-to-end solution for the operationalization of open finance in the future.”
These types of technical collaborations between existing platforms is important “because it simplifies and standardizes connectivity to open-finance ecosystems,” the announcement explained. It also mentioned that the more players that may take part in the ecosystems, the more “the scaling effect will take hold for innovative partnerships and new API-based business models in the Swiss market.”
Inventx and SIX are leveraging the strengths of their ix.OpenFinancePlatform (ix.OFP) and bLink offerings to make it “easier for financial institutions and third-party providers to connect to each other or integrate into ecosystems through a coordinated process.”
The respective platform offerings will “continue to exist independently in the market,” the update confirmed.
As part of this “co-opetition” – “a cooperation benefiting the market with simultaneous competition of the offerings – the participants get double the benefits: After successfully connecting, they can choose between the best services on both ix.OFP and bLink,” the announcement noted.
With this cooperation, the two tech providers are aiming to send a “positive signal in the discussion about more standardization – especially when it comes to financial institutions.” Both firms are convinced that participants and the Swiss financial center can “benefit from the formation of overarching open-finance ecosystems.”