SIX Partnered With LUXHUB To Accelerate Switzerland’s Financial Services


Posted August 12, 2021 by axioscreditbank

Zürich-based SIX Group has partnered with Luxembourg-based Fintech firm LUXHUB to further provide and improve the adoption of Open Banking in Switzerland.
 
According to the latest reports on Aug 10th, 2021, LUXHUB and SIX Group have recently entered into a partnership with an agenda of providing and further speeding up the consideration of Open Banking in Switzerland. According to the news, the SIX Group will make use of LUXHUB’s Open Banking technology.

SIX (Swiss Infrastructure and Exchange) is a leading Switzerland-based financial infrastructure provider, and LUXHUB is a well-established Open Banking provider headquartered in Luxembourg.

According to the announcement, “SIX keeps on venturing in Open Banking in Switzerland. This association will empower SIX to apply proven technology into its Swiss Open Banking Hub b.Link. The partners will also work together on introducing new Open Banking use cases to Switzerland that will empower banks to deliver a better experience and new offerings for their customers.”

SIX developed its Open Banking Hub b.Link in May of this year with a commitment to facilitate the foundation for developing Open Banking systems and operations in Switzerland. According to SIX, the financial and client information sharing method might be “the following logical and determining strategic initiative”. SIX will operate with LUXHUB to measure its API service offerings while facilitating suitable use cases from Europe to its Swiss customers.

As per the announcement, “With this essential venture, the leading financial infrastructure provider signifies an extended commitment to b-Link and the sustainable foundation of Open Banking in the Swiss financial center.”

The b.Link service portfolio upholds innovative contributions and focuses to mitigate intricacy and overall approaches for all the parties. As affirmed in the declaration, SIX will utilize the b. Link solution to assist banks and several third-parties, including Fintech firms, with incorporating new functionalities into their contributions.

The primary b.Link components incorporate standardized APIs that help the exchange of information in a protected way. There's likewise due diligence that will be conducted on all parties to ensure sufficient levels of security standards while setting up a typical lawful structure which "makes additional agreements between the b. Link members redundant.”

SIX is also likely to introduce a b.Link portal inspired by LUXHUB innovation during the first half of the next year. This platform will enable new or potential clients to evaluate the different used cases and APIs. It will also enable them to verify the data in a sandbox environment. This methodology will permit future use cases to be “exhibited even before they have been carried out," the release expressed.

The new “Consent as a Service” offerings are focused on assisting SIX with offering “security functionalities as a service” to interested third parties. This could lessen the work needed to sign up users to b.link and will also enable SIX to measure the platform pretty faster.

As per Marco Menotti, Head Banking Services SIX, “In association with LUXHUB, we will be capable of speeding up our offerings, but more significantly evaluate and learn from each other with the agenda of introducing new innovative solutions to our customers, thus further leading the transformation of the Swiss capital market.”

As per Jacques Putz, CEO at LUXHUB, “LUXHUB was established upon the firm conviction that Open Banking will change financial services Europe-wide. Having a vital role in the initial compliance operation for multiple institutions, we are currently placed to act as a leading catalyst for the next phase of the sector’s evolution. We strive to provide the acceleration and advancement of Open Banking in Switzerland and beyond.”

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Issued By Axios Credit Bank Ltd
Country Malaysia
Categories Banking , Finance , Services
Tags banking , financial services , swiss infrastructure
Last Updated August 12, 2021