The OpenWealth Association’s vision is to define, maintain and operationalize the Open API standard for a global wealth management community.
The OpenWealth Association’s mission is to strengthen Switzerland as a financial hub and innovation centre by connecting financial institutions, WealthTechs and other service providers, and by setting the Open API standard for a global wealth management community. Furthermore, the association aims to foster the exchange of expertise among its members and with third parties, as well as to cooperate with organizations of similar nature in Switzerland and abroad.
HOW THE OPENWEALTH COMMUNITY WORKS
In June 2020, the global management consultant Synpulse and the Swiss regional bank St.Galler Kantonalbank (SGKB) established the OpenWealth Community with the aim of def...READ MORE
Why should a private bank’s Open Banking strategy be individual? What impact does it have on the IT architecture? How does it improving customer service? The «ex-custo...READ MORE
Chapter 3: Read how Hong-Kong-born DevOps engineer Melissa Chao steps in to save the day – and uses API magic to stop the glaciers in her adopted home of Switzerland fr...READ MORE
OPENWEALTH IN THE NEWS
Today‘s connectivity between custody banks and portfolio management systems (PMS) resp. external asset managers (EAM) is to this date mostly proprietary, with a single data exchange per day (end-of-day) and includes manual steps in the process. This results in an increased error rate as well as additional costs to maintain the different interfaces. A joint study of Synpulse Management Consulting and the St.Galler Kantonalbank (SGKB) together with leading PMS, EAM and custody banks shows that a standardized interface in wealth management is desirable as it leads to advantages for all involved parties. It is such a REST-API (Application Programming Interface) in wealth management that Synpulse and the SGKB are developing as part of a selected community to achieve a standard which is business-oriented, broadly accepted and based on known industrial norms.