The Common API working group at SFTI proudly announces the release of the Card API to support Open Finance use cases for payment cards (credit, debit, and pre-paid cards).
Launched in 2022, the Card API stream has been working consistently in a core team with representatives from Hypothekarbank Lenzburg AG, SIX and Viseca Payment Services SA, among others.
To ensure the best possible market adoption, the market review phase was open to all SFTI member companies, all relevant payment card issuers in Switzerland (including companies that are not SFTI members) and potential users of the API.
The result is a first iteration of the Card API, featuring read-only endpoints that provide detailed transaction and card information. This innovative API offers FinTechs and card issuers the tools to create cutting-edge financial solutions, enhancing customer experiences and driving new business opportunities.
Possible Use Cases:
- Personal Finance Management / Business Finance Management: Aggregation of transactions for cards from different issuers to evaluate spending behavior, budget, ecological footprint, and more.
- Card Overview: Aggregation of cards and associated tokens from different issuers for use in multibanking or basic expense management solutions.
- Holistic Financial Cockpit: Integration of card data with bank accounts, assets, and pensions to provide a comprehensive financial overview.
Based on these use cases, new business cases relating to financial advice, spending or sustainability analysis, budget management services, and a standardized card overview may be developed. The commercial conditions for the usage of this valuable data in the different use cases may be agreed upon independently between the users and providers of the data (including potential prices).
We invite all FinTechs and card issuers to explore the Card API and start implementing innovative use cases that will transform financial management for end customers. The defined standard is available on GitHub.
With future iterations of the Card API, we will unlock even more possibilities, including comprehensive expense management and detailed card account information, paving the way for advanced financial services and business models.
