Finstar Open API - The chance to shape the future


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Open API allows efficient technical integration of innovative third-party solutions into Finstar's total banking solution. The open interfaces allow Fintechs to access the core data system - until recently this was a closed area. With the help of this opening, innovations are accelerated. Bank customers benefit from an expansion and improvement of services. Finstar is so far the only provider in Switzerland to provide Fintech's open standard interfaces. In this way, the software company Hypi is defining another milestone on the road to the future of digital banking.

Delivering solutions quickly

Although there is no obligation for Switzerland to open up despite the introduction of PSD2 in Europe, Hypi has spoken out in favour of this strategy. In addition to the regulatory framework, the spread of mobile devices and apps is contributing to the emergence and development of open interfaces. Equally important are psychological aspects: Managing one's money on the Internet, doing one's financial transactions anytime, anywhere, was not an issue for a long time. Apart from the technical opening, a major challenge lies in the mental openness to change with its speed. Fintechs are drivers of innovation, move fast and depend on solutions being available quickly.

Agile and flexible

When choosing services, Finstar's managers make sure that all solutions fit into the award-winning ecosystem and can be used by as many banks, regtechs and partners as possible. In the end, the Open API serves to activate new business areas, integrate additional customers and jointly develop new sources of revenue. To this end, Finstar provides open interfaces, a secure infrastructure and established processes, for example for payment transactions. On this basis, the Fintechs launch their innovative solutions, focusing on the front-end, user experience and usability of their mobile applications. At the same time, Finstar pushes its technical topics - for success, interaction, learning from partners, flexibility and agility are crucial not only in the development process.

Success with a hybrid approach

Although the range of services is constantly being expanded thanks to the open interfaces, Finstar will continue to be solely responsible for selected areas in the future. For example, consulting services will probably not be offered via Open API - personal contact will remain indispensable. The secret of success lies in a hybrid approach that combines the advantages of digital and analogue. Reg- and Fintech's core area with functionalities such as regulatory affairs, security, etc. remains untouched. This is not so much for technical reasons as for risk considerations, since it involves questions of banking licenses and reputation: Hypi is responsible for data and system security in addition to the availability of its infrastructure. This is why Finstar also relies on sophisticated security technologies for the Open API, which have proven themselves in daily use in e-banking.

Whatever comes

From development to pilot to live operation, Finstar currently works with more than ten Fintechs within its ecosystem. For Hypi, the path will continue to be one of openness, analogous to the worldwide initiatives around the topic of open banking. Only time will tell what will result from these efforts, what the bank and its software of the future will look like. For Hypi and Finstar, however, it is a unique opportunity not only to be there, but to actively shape their own and the future of banking from the outset, whatever may come. One advantage of the merger of the bank and the software company is that banking requirements can be quickly identified and efficiently implemented. This interface between business and technology is just as important as the interfaces of the Open API - and is just as unique in Switzerland to date.