Multibanking for private customers? Swiss banks sign memorandum of understanding

Open banking and open finance will change and have a lasting impact on the banking industry.


A group of banks in Switzerland headed by the Swiss Bankers Association (SBA) has signed a memorandum of understanding – with the goal of enabling initial multibanking offerings for individuals by mid-2025.


The Swiss Bankers Association (SBA) and its member institutions view the opening of interfaces, as well as cooperation among banks and with third-party providers, as a great opportunity for the Swiss financial centre. The market-based open finance approach is the right way to take the existing offering forward and continue to offer simple, innovative and secure financial services in future.


To support the implementation of concrete use cases in Switzerland, the SBA, along with interested member institutions, has drawn up a memorandum of understanding (MoU) designed to enable the development and rollout of initial multibanking offerings for individuals.


The MoU expresses the signatories’ intention to work actively towards their shared goal, enable the development of initial multibanking offerings for individuals, and contribute to resolving issues across institutions. In particular, it aims to improve interoperability and data exchange between banks, fintechs and other financial institutions, thus giving customers the most comprehensive possible overview of their finances.


The sector’s commitment is an active step towards achieving the open finance objectives for the Swiss financial centre formulated by the Federal Council at the end of 2022. The MoU is seen as an important move on the part of the Swiss banking sector, since it will encourage collaboration between the various players involved in this use case, including banks, tech firms, infrastructure providers and fintechs, as well as supporting further innovation and the digital transformation of the sector in Switzerland.


More information: Open Banking and Open Finance - Digital Finance and Cybersecurity - Topics - SwissBanking

The Swiss Bankers Memorandum of Understanding: Retail_Multibanking_MoU_EN.pdf (