Google Joins Swiss Open Banking Initiative
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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.
Questions & Answers
Q.What is the primary objective of the Openwealth initiative in Switzerland?
What is the primary objective of the Openwealth initiative in Switzerland?
The Swiss industry initiative aims to standardise interfaces for institutions and simplify data exchange. This includes streamlining communication between custodian banks and portfolio management system providers, as well as among custodian banks themselves.
Q.What specific role will Google Cloud play within the Openwealth Association?
What specific role will Google Cloud play within the Openwealth Association?
Google Cloud is joining Openwealth as an API service provider. Its role will involve disseminating the API standard globally, using its position as a leading cloud provider to extend the reach of the initiative's technology.
Q.Which existing members of the Openwealth initiative does Google Cloud now join?
Which existing members of the Openwealth initiative does Google Cloud now join?
Google Cloud joins several notable institutions already part of the industry initiative. These include UBS, Credit Suisse, Julius Baer, ZKB, and SIX, among other existing members working towards standardisation in data exchange.
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