Switzerland's Federal Department of Finance to develop indicators for open finance progress while keeping open data interfaces voluntary

Switzerland's Federal Department of Finance (FDF) briefed the Federal Council on open finance implementation, concluding that progress towards the 2022 targets is mixed and that there will be no regulatory requirements for open data interfaces for the time being. The FDF plans to work with the industry to develop precise indicators to measure further progress across banking and insurance. The review pointed to the start of the banking sector’s multibanking initiative, which promotes secure exchange of bank account data between banks, as an important milestone, but highlighted ongoing challenges in ensuring data access for secure third-party providers and slower progress in other areas. In insurance, no comparable initiative has been implemented, although a coordinated industry initiative was announced for occupational pensions; separately, the Federal Department of Home Affairs is addressing a parliamentary procedural request to establish standardised access to personal pension data (Ettlin motion 24.4597). In the coming months, the FDF will develop the indicators with the industry and use them to assess whether a market-based approach is delivering standardisation and open interfaces, while leaving the introduction of statutory duties as a possible option.