WealthArc Joins OpenWealth to Shape the Global API Standard
We are proud to announce that we have joined OpenWealth: a Swiss association connecting fintechs, banks and other financial institutions across the country to develop common standards for financial data exchange.
OpenWealth was founded by Synpulse, a Swiss management consulting company focused on the financial sector, and St. Gallener Kantonalbank. Its primary goal is to develop a common API standard for the entire financial industry to facilitate exchanging data between different kinds of institutions. As the project is open source, any company will be able to use its API to send and receive financial data more effectively.
To strengthen Switzerland as a financial hub and innovation centre by connecting financial institutions, WealthTechs and other service providers, and by setting the Open API standard for the global wealth management community.
Although OpenWealth connects Swiss organizations, its API standard will be available globally. As Switzerland is the global wealth management hub, it concentrates the wealthtech know-how and best practices tested over years. Swiss companies have been leading the expansion of the wealthtech sector since its beginning and will continue contributing to its development.
PSD2 has brought open banking to the general public. Now, OpenWealth aims at extending it to wealth management. With their wealthtech experience, Swiss companies have tremendous potential to impact the global sector and democratise financial data exchange.
Jarosław Bontruk, Head of Data and AI
Building API connections to custodian banks is one of the main tasks of our R&D Team. Thanks to them, our clients download and consolidate their clients’ data seamlessly via our PMS platform. We have already built over 200 connections, and the experience we have gathered will be a valuable source of insights for the OpenWealth members.
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