Open Banking fintech, ndgit, is bringing PSD2 Compliance APIs to Switzerland as part of a new initiative launched with F10, the Swiss FinTech Incubator and Accelerator organisation. Starting in October 2019, it will provide a bank interface sandbox that will allow F10 startups to test their services in conjunction with the Berlin Group Standard based API.
With a track-record of delivering award winning Swiss banking innovation, ndgit joined the F10 Community earlier this year and is already using its technology to boost their shared goal of driving digital transformation in the Swiss banking market. The new APIs will enable players in the F10 fintech ecosystem to achieve PSD2 compatibility in Switzerland and encourage them to develop new products for the local financial market.
Digital ecosystems with innovations for banks
Provided as part of a sandbox that allows the development and testing of third-party applications, ndgit’s Open APIs fulfil all the requirements of the new European Payment Services Directive (PSD2) and meet standards as laid out in the Berlin Group Standard Rules (NextGenPSD2).
The technology enables Swiss banks and insurance companies to initiate their Open API strategies and to safely test potential approaches and fintech innovations, so they can accelerate the creation of new digital ecosystems. Providing valuable insights from the most agile banking players, it also enables them to optimise the user experience, shrink development timeframes and boost commercial success.
As well as acting as a catalyst for new services and entire business models, the initiative will make it easier for banks to manage new and third-party service introduction, using simulations that don’t involve additional company resources or risk to block existing operations.
Integrated test platform for fintechs
With ndgit’s API-based sandbox, financial technology companies can simultaneously test the functionality of their innovative products in conjunction with the bank interfaces included within the ndgit developer portal. This includes account information queries, account balance queries and payment initiation with SEPA standard transfers and foreign transfers. These functions are in accordance with PSD2 regulations which, although not mandatory in Switzerland, are now rolling out across neighbouring EU countries.
The integrated platform for fintech-specific test data comes with self-explanatory API guides and enables faster product validation thanks to a live demo for solution design that uses constructive feedback loops from participating companies. In this way, ndgit greatly increases the successful realization of a proof of concept with a partner bank or financial institution.
Combined forces to drive banking standard in Switzerland
Describing the collaboration with F10, Roger Wisler, Business Manager Switzerland at ndgit, says, “Our team of experts keeps a close eye on the innovation power of various financial markets worldwide. For some time, we have seen an unequivocal correlation between the presence of a common API standard and technological and service advancement. That’s why we take our commitment to F10 very seriously and look forward to bringing a significant innovation boost to its community with the PSD2 oriented sandbox.”
F10 brings together the leading fintechs in Switzerland, in a community which focuses on innovations in the financial industry. F10’s programs drive the successful growth of startups in the fintech, regtech and insurtech sectors. At the same time, it gives members access to the latest ideas and prototypes.
Deborrah Schaer, Startup Coach at F10, explains: “We are pleased to be able to offer our startups a sandbox with which they can test their products and use cases quickly and easily. Our goal is to accelerate the integration of fintechs with major financial companies. We also want to contribute to open banking in Switzerland. With ndgit we have found the ideal partner. “
F10 plans to supplement the new fintech Sandbox with additional APIs and test data from the F10 Corporate Members so startups can rapidly develop a wide range of new services, not just those linked to PSD2. F10’s corporate members include SIX, Julius Baer, Baloise Group, Generali, PwC, R3, Tamedia, Capgemini, Raiffeisen, Zürcher Kantonalbank, PostFinance, Eri Bancaire and Eny Finance.