Starting this week, customers of eight Swiss banks and two third-party providers can connect their various accounts to consolidate and display account information in a single app. More than 30 banks currently offer the necessary data interface.The launch is the result of a broad-based industry initiative spanning several years, with the core goal of enabling enable non-banks secure and controlled access to banking data.Multibanking applications for private individuals currently include aggregated account overviews, spending analyses, and budget planning. The Luzerner Kantonalbank (LUKB), for instance, makes it possible for its customers to view their accounts with third-party banks directly in their LUKB E-banking application. The application comes complete with an intelligent financial assistant that categorizes transactions automatically, allows comprehensive budget management, and points out savings potential using spending analysis. On the TPP side, new fintech startup Liquid has developed an app for personal financial management focusing on young adults. Here, all bank accounts are aggregated and listed in the app via the bLink interface. This central overview is enhanced through gamification elements such as streaks, challenges, and a wishlist. Christoph Müller, head of banking services and executive board member, SIX, comments: “Open banking is gaining momentum in Switzerland. With today’s launch of multibanking, a concrete use case for private customers goes live. We’re delighted that numerous banks are implementing this milestone via our bLink open banking platform."Now it’s time to push the expansion forward together ‒ because the more institutions that participate, the more complete the offering becomes, the greater the value for customers, and the better the conditions for innovative products.”bLink: an efficient technological foundation for multibankingMultibanking is being implemented via the leading Swiss open banking platform bLink, operated by SIX. bLink is based on standardized APIs that ensure the secure and controlled exchange of customer data from banks, regardless of whether they are established institutions or new market participants. Access is granted exclusively with explicit customer consent. State-of-the-art encryption methods and access rights ensure that data integrity and security are guaranteed at all times. The bLink platform is being further developed in close collaboration with the participating banks and FinTechs and is tailored to national market requirements.More information about bLink and the participating financial institutions and third-party providers:Multibanking LandingpagePost on the SIX Blog