Open Banking in Switzerland

Switzerland has adopted a market-driven approach to open banking, in contrast to the EU's regulatory mandate under PSD2. As a non-EU/non-EEA country, Switzerland is not required to implement PSD2, though its financial sector maintains close alignment with European standards.

The Swiss Finance + Technology Association (SFTI) developed the Common API standard to provide a voluntary framework for standardized banking APIs. Major Swiss banks including UBS, Credit Suisse (now part of UBS), and Zürcher Kantonalbank have participated in developing and implementing these standards.

Switzerland's unique position as a major global banking center, with particular strength in wealth management, creates distinct open banking use cases focused on investment data and multi-bank aggregation. FINMA monitors market developments without mandating specific open banking requirements, relying on industry self-regulation and competitive dynamics.