Credit Suisse (Switzerland) Ltd. (CS) and LGT Bank are two new prominent additions to the Swiss-domiciled OpenWealth Association. They also increase the potential for more widespread international adoption of the OpenWealth API Standard. The OpenWealth Association works with leading custodian banks and providers of wealth management software to develop application programming interfaces (APIs) for international wealth management.
Standardized, secure data exchange between banks and intermediaries and other trustworthy third-party providers helps boost the efficiency of processes and reduce risks in wealth management and serves as the basis of new, innovative client offerings.
CS and LGT will take a leading role particularly in the working group responsible for the development of customer data administration and will bring their international expertise to the table. Onboarding new customers and managing the data of existing customers still involves numerous manual tasks both for external asset managers (EAMs) and large custody banks. This is where OpenWealth API interfaces come in, providing the technical foundation for digital, cross-organizational business processes. OpenWealth API Version 2 will enable external asset managers to open customer accounts at the custody bank on a fully automated basis. Thanks to the technical connection, client data will now only have to be maintained in the CRM system of the external manager.
“The OpenWealth API enables easy, efficient, and secure collaboration across different institutions. This meets a major client need as well as enabling us to offer our EAM partners a future-ready solution. We’re delighted to be able to drive this development as part of the OpenWealth Association.”Salvatore Iacangelo, Head EAM Services at CS
“In recent years, the administrative work faced by external asset managers has increased enormously. We want to use innovative technologies to turn the wheel back a little bit here and reduce the workload for our partners. OpenWealth APIs allow us to precisely do that, securely and flexibly. It’s a great development that we’re very glad to be supporting with our experience.”Markus Werner, Member of the Executive Board and Head Intermediary Business at LGT Bank
“We’re proud to have created the API standard for wealth management from a client mandate in open finance. With CS and LGT on board, OpenWealth API will become established more rapidly in Switzerland and internationally.”Raphael Bianchi, President of the OpenWealth Association and partner at consulting company Synpulse