Munich/ Zurich, 02 February 2021
ndgit and Synpulse have unveiled the official sandbox for the OpenWealth API Initiative (www.openwealth.ch). OpenWealth is a community of renowned banks, WealthTechs and service providers orchestrated by the consulting firm Synpulse. In collaboration with SFTI, OpenWealth has created a new API standard for the securities and wealth management business. ndgit is a member of the OpenWealth community as a technology partner and is developing on the basis of the OpenWealth standards a comprehensive digital platform with which new ecosystems for wealth management can be easily and securely connected to the systems of banks. ndgit and Synpulse can thus jointly offer OpenWealth banks a holistic solution and project with integration into their core banking systems.
The leading European provider of open finance platforms, ndgit, and the Swiss consulting firm, Synpulse, unveiled the official test environment for the OpenWealth community on February 2nd, 2021. This was initially founded by Swiss custodians, asset managers, WealthTechs and Synpulse to establish a new standard for digital interfaces around wealth management. Together with Synpulse, ndgit aims to become a leading provider of end-to-end solutions for OpenWealth APIs. The ndgit API banking platform already connects more than 20 banks in Switzerland and 30 banks in the rest of Europe with digital partners and can also be used in Switzerland with the partner Inventx as a SaaS model.
“The API standard for OpenWealth, jointly developed by banks and their partners, is comparable to the account and payment services interfaces of PSD2,” says Oliver Dlugosch, co-founder and CEO of ndgit. “And just like PSD2, it has the potential to become a game-changer for financial services technology.” As a result, there is now a standard that all partners can use to share their data for portfolios and securities transactions. It provides the foundation for connected collaboration between banks, asset managers and WealthTechs, enabling them to work together as partners in ecosystems much more quickly and flexibly and create new customer experiences.
ndgit and Synpulse plan to roll out the technology for “OpenWealth” globally. “Banks can use us to connect their external partners to their IT systems extremely easily and quickly: We are also talking to various established wealth management solution providers, local API hubs and exciting startups about this,” says Dlugosch.
“The focus is on the typical applications that wealth managers, external asset managers or other intermediaries use and which now no longer have to be connected in a time-consuming manner in proprietary interface projects,” says Dr. Simon Alioth, Head of Open Finance at Synpulse. “But with OpenWealth, retail banks and asset managers can also more easily leverage Wealthtechs’ innovations to seamlessly embed them into their digital banking portals and thus strengthen their customer loyalty – not to mention the additional revenue streams.”
As a leading provider of PSD2-compliant APIs, ndgit is a member of the Berlin Group Advisory Board that is defining the standards for PSD2, as well as the Swiss SFTI where the Common API is driving the standardization of Swiss banking APIs. “Participating in the development of the standards for OpenWealth and offering banks a comprehensive solution is therefore a logical further development step for us in the direction of Open Finance,” says Dlugosch.
About Synpulse Management Consulting
Synpulse is an internationally established management consulting firm and a valued partner to many of the world’s largest financial services firms. Since its founding in 1996, Synpulse has supported banks and insurance companies along the entire value chain, from strategy development and operational execution to technical implementation and handover. Synpulse is characterized by in-depth industry knowledge and the passion and commitment of its 480 employees in ten countries. Synpulse has offices in Zurich, Geneva, Düsseldorf, Frankfurt, Ulm, London, New York, Hong Kong, Singapore, Vienna, Bratislava, Manila and Sydney.
For further information visit www.synpulse.com
