October 22, 2020, 11:00 a.m.
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Zurich – Just recently, Swiss Fintech Innovations (SFTI) and SIX informed about the deepening of their cooperation. The reason was the standardization of their API specifications for account access and payment transactions. With the publication of the Mortgage API, SFTI has now taken another important step on the path of API standardization for the Swiss financial center and its customers.
In contrast to the recently published APIs for account access and payment transactions, the digitization of banking processes is still in its infancy with mortgage loans. With the latest basic technologies, however, significant increases in efficiency for the benefit of customers can also be achieved in this business area. Against this background, SFTI has set itself the goal of creating another API standard that is broadly coordinated on the market.
Cooperation with MoneyPark
In order to meet the requirements of the open banking / finance community, SFTI works with MoneyPark as a partner in the working group. Together with the largest Swiss FinTech in the mortgage sector and other exponents of the industry – including representatives of all major manufacturers of core banking software – SFTI has developed the specification of a mortgage API and coordinated it with other players on the market.
The aim of this standard is to address all important application scenarios, from simple interest rate information to the extension of an existing mortgage to the complex case of taking out a new mortgage loan. On the basis of a detailed elaboration of these use cases, the Working Group Common API has designed the necessary services, which in their entirety form the mortgage API.
Even in the current phase of coordinating the specific application possibilities of the mortgage API, a wealth of possible business cases in the context of open finance is evident, both for banks and insurers active in the mortgage business, as well as for FinTechs and InsurTechs that use such standards to get in touch with the financial world.
In another business area, SFTI is once again creating the conditions for efficient, sustainable and innovative new business models. (SFTI / mc / ps)
Via Common API
The Common API working group is an initiative of the Swiss professional association SFTI (Swiss Fintech Innovations). In this association, well-known banks and insurers have joined forces with other important players in the Swiss financial center in order to holistically address key topics in their industries with a focus on innovation. The conceptual preparatory work to create a cross-industry and broadly coordinated interface standard is bundled in the Common API working group. https://common-api.ch
Via the mortgage API
The mortgage API specification is available on GitHub: https://github.com/swissfintechinnovations/common-API/blob/master/mortgageAPI.yaml
The documentation can be found on Confluence: https://c-a-p-s.atlassian.net/wiki/spaces/PUB/overview
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