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 REST-APIs (Application Programming Interface) in wealth management that the OpenWealth Association is developing to create a standard which is business-oriented, broadly accepted and based on known industrial norms.