Swiss Fintech Innovations (SFTI), an independent association of Swiss financial institutes issues a position paper on ‘Open Pension’. The paper noted that Open finance promotes the sharing of and access to financial data between financial institutions and trusted third-party providers (TPP) via secure, standardized interfaces.Open finance gives consumers more control and insight into their financial data, drives innovation, improves financial services and enhances the customer experience.Open pension is the part of open finance that focuses on pension data. Open pension puts the individual at the center and facilitates the secure and standardized exchange of personal pension information with a TPP at the individual’s request.The SFTI open pension working group aims to make open pension work in Switzerland .With this working group, SFTI repositioned the topic of “open pension” in a holistic and solution-neutral way.
The SFTI open pension position paper contributes to this endeavor.Specifically, SFTI and its open pension working group have set themselves the goal of supporting the Federal Social Insurance Office (FSIO) and the State Secretariat for Inter-national Finance (SIF) with this position paper. In addition to contributing to the examination, open pension is also important for realizing the open finance goals set out in the Federal Council’s Digital Finance 2022+ action plan.Before the strategic options were defined and the position paper was written, a public survey (the “Open Pension Survey”) was conducted to gain insights3. The survey aimed to create a common understanding of the current perspectives, concerns, thoughts and open questions of various interest groups within the pension landscape regarding the potential digital opening of insured individuals’ data in the second pillar. The insights from this survey are available online and were fundamental for the conclusions drawn in the position paper.
read more at https://swissfintechinnovations.ch/projects/open-pension/