Credit Suisse embraces Open Banking with digitalisation push

By Daniel Lanyon on Tuesday 24 November 2020

Digital Banking

The financial services and banking giant will use open banking in its interbank business.

Credit Suisse embraces Open Banking with digitalisation push
Image source: Photo by Andrea Piacquadio from Pexels

Credit Suisse has begun to offer open banking for clients in its interbank market as part of wider efforts to further digitalize its business.  

While open banking and the API-movement in banking and finance has mostly focused on retail and SME customers, the potential in investment banking is also profound where margins can be thin.

The new offering, Credit Suisse says, will significantly increase the efficiency of securities and foreign exchange transactions.  

Through its own APIs, structured data can be accessed at any time, allowing users to obtain information in real time. One allows users to access real-time status information about securities transactions (settlements). For example, users can learn the settlement status of transactions for which they have issued instructions.  

If any issues arise with those transactions, users can take action more quickly to avoid any related expenses. The other new API allows foreign exchange transactions executed via the international Continuous Linked Settlement (CLS) system to be updated automatically with all relevant trade details and the counterparty's Unique Transaction Identifier (UTI). 

"APIs enable innovative forms of collaboration and interoperability between banks," explains Paolo Muzzarelli, Head of Transaction Banking Products at Credit Suisse.  

"With these solutions, we are supporting new forms for financial institutions to work together. The increased flexibility and efficiency benefits all parties and their end-clients." 

Credit Suisse says it is also currently considering the introduction of additional APIs for financial institutions, including interfaces for safekeeping account positions, account balances and invoicing.  

 

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