Hypothekarbank Lenzburg has opened its IT platform to fintech companies, which will be able to offer their solutions via the bank’s system.
Hypothekarbank Lenzburg is making it core-banking system Finstar available to external fintech solutions, the company said in a statement today. By adding an open programming interface, the bank has turned Finstar into an open banking platform, a unique step by a financial-services company in Switzerland.
So far, no other Swiss bank has made such a decision and it is yet another example for why has named the bank the most digital of Switzerland. Fintech companies will be allowed to use data and services of the bank’s accounts, deposits and further banking processes for their own offerings. Following an agreement with the bank, the fintechs will be able to attach their functionalities and tools to the Finstar system.
Easy Access to Innovative Solutions
This in turn will give customers of the bank an easy access to new fintech solutions and products. Over the past two years, the bank has built a cooperation network with eight fintech companies, which use the Finstar system to process their operations.
With the decision by the bank, the fintech companies may now use the open platform. Further banking firms and digital service providers also have signaled their interest in using the open infrastructure, Hypothekarbank Lenzburg said.
Giving Fintech a Boost
The bank wants to give the fledgling fintech industry an additional boost. Swiss Fintech Innovations will use Finstar as a sandbox, following the aim to create a common open interface standard in Swiss banking and insurance.
Swiss Fintech Innovations is an independent association of financial institutions committed to drive collaboration and digital innovations in the financial services industy.
