American software company CA Technologies has partnered with telecommunications company Swisscom to create a new open banking hub.

The partnership will utilise will standardise CA Technologies API Management portfolio to develop secure interface that will enable the financial institutions to connect with third-parties and other fintechs.

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The new open banking hub will facilitate the development of new financial services to encourage growth as well as enhance customer experience.

Swisscom head of Digital Business Platforms André Durrer said: “Traditional banks and new, nimble Fintechs are no longer working against each other, but rather in tandem to create exciting and compelling new financial solutions.

“The Swisscom Open Banking Hub provides banks, Fintechs and other third-party providers with a secure and agile platform upon which they can grow business.

“CA Technologies is the lynchpin of this modern and dynamic Hub, enabling secure API-based connection between providers and users of services. “

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Open banking is a new system that enables the banks and other financial providers to access customer information through APIs.

The introduction of open banking facilitates banks to provide more customised services for the customers thereby increasing competition in the market.

The Swisscom’s open banking hub will eliminate infrastructure, security and performance challengers for the participants as everything will be available as a service.

CA Technologies senior vice president and general manager Developer Products Rahim Bhatia said: “The development of the Open Banking Hub represents a high-water mark in an eight-year relationship of digital transformation between Swisscom and CA Technologies.

“We’re pleased to build on our joint success, and enable Swisscom by providing the secure, scalable and performant API platform that will support and accelerate the growth of this innovative financial ecosystem as the Hub expands.”