SIX Partners with Swisscom to Implement Open Finance

SIX announced today that the company has partnered with Swisscom to make the implementation of open finance in Switzerland easier. The two leading infrastructure providers of Switzerland are planning to improve the interoperability of their complementary offerings through the latest collaboration.

According to the official announcement, SIX and Swisscom have collaborated to increase the compatibility of their hubs to offer the market an interoperable and holistic end-to-end solution for the implementation of open value networks in the open finance context.

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The Switzerland-based companies are tackling two key issues through the latest partnership. Firstly, the inability of the system to connect multiple third-party providers for the same use case in a scalable manner. Secondly, a lack of standardization during the integration of third-party providers.

“The medium-term goal is for Swisscom and SIX to further strengthen interoperability between their respective hubs. This will give banks and third-party providers easy and standardized access to an even broader network of potential partners from the financial industry and beyond,” SIX mentioned in the official press release.

SIX Group reported an operating income jump in 2020. The company reported an EBITDA of CHF 368.9 million, which is up 72.8% compared to 2019. Finance Magnates earlier reported about the launch of the world’s first-ever Polkadot ETP on the Swiss Stock Exchange.

Open Finance

SIX and Swisscom highlighted the growing potential of open finance in Switzerland. SIX Group mentioned that the new partnership will boost the innovative capacity of the Swiss financial center.

“Both companies are certain that open finance is making a decisive contribution to the formation of ecosystems through standardization and scaling. By joining forces, they are creating the basis for simplifying cooperation and interoperability within the Swiss financial center and thus promoting the competitiveness and innovative capacity of Swiss financial actors over the long term,” the official announcement states.

SIX is getting popular among institutions for crypto-related investment products. Several companies around the world are launching bitcoin and other crypto exchange-traded products (ETPs) on the Swiss Stock Exchange. CoinShares recently launched a Bitcoin ETP on the Swiss Stock Exchange.

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