Switzerland's Openwealth initiative gains momentum as one of the world's largest cloud providers becomes a member.
Google Cloud becomes the latest addition to the Openwealth Association, joining as an API service provider, the organization announced on Thursday.
The application programming interface (API) allows third-party providers to dock with IT platforms, in this case, banks and wealth managers. As a leading cloud provider, Google Cloud will allow Openwealth to disseminate the API standard globally.
Apigee, Google's API management platform, is one of the most widely used open API publishing software solutions in the world, used by many OpenWealth members, it said.
The Swiss industry initiative aims to standardize the interfaces of a wide range of institutions and simplify data exchange between custodian banks and portfolio management system providers and custodian banks themselves.
Google joins UBS, Credit Suisse, Julius Baer, ZKB, and SIX, among others, in the industry initiative.
