Open finance implementation in Switzerland
Bern, 12.12.2025 — During its meeting on 12 December 2025, the Federal Council was informed by the Federal Department of Finance (FDF) about the most recent open finance developments in Switzerland. In order to achieve the targets set in 2022, the FDF intends to use precise indicators to review further progress in the banking and insurance sector. For the time being, there will be no regulatory requirements for open data interfaces. Open finance is intended to strengthen the digital self-determination of clients, as well as the innovative capacity and competitiveness of the financial sector.
Open finance refers to the practice of financial institutions using standardised and secure interfaces to make financial data available to other financial service providers such as fintechs, insurance companies and banks at the request of clients. In this way, clients can benefit from new, innovative products. It would be possible to create an overview of all bank accounts, investments and retirement assets or calculate the carbon footprint of financial investments, for example, at the click of a button.
The review that the FDF prepared for the Federal Council on the implementation of open finance is mixed. An important milestone was reached with the start of the implementation of the banking sector's multibanking initiative, which promotes the secure exchange of bank account data between banks. However, challenges remain in terms of data access for secure third-party providers. Moreover, progress in other areas has been slow. In the insurance sector, for example, no comparable initiative has been implemented, although a coordinated industry initiative was announced in the area of occupational pensions.
Therefore, the FDF will work with the industry in the coming months to develop precise indicators that can be used to measure progress. The Federal Department of Home Affairs is also addressing the implementation of a parliamentary procedural request to establish standardised access to personal pension data (Ettlin motion 24.4597).
Unlike in the European Union or the United Kingdom, there is no legal obligation in Switzerland for financial institutions to make financial data available to third-party providers at their clients' request. By contrast, the Federal Council believes that a market-based approach can work and that the private sector will push ahead with the standardisation and opening of interfaces. The Federal Council welcomed the corresponding FDF targets in 2022 (see press release of 16.12.2022). Otherwise, the introduction of statutory duties remains an option.