6/23/2021 Nextway Software has recently joined the OpenWealth Association to set the foundations of a standard Open API for the global wealth management community.
The purpose of the OpenWealth Association is to develop, define, maintain, and operationalize the Open API standard for the wealth management community. And thereby to strengthen Switzerland as a financial and innovation center. An initiative that has caught worldwide media attention, including the interest of the Forbes magazine.
Though OpenWealth has Swiss roots, a standard Open API will secure a unified way to manage data exchange among industry players globally. Collaboration between wealth managers, their customers, and third parties thus becomes much easier and more secure.
Together with other members of OpenWealth, Nextway is actively working towards the standardization of such Open APIs.
Placed in the hotbed of finance innovations, the Swiss branch of Nextway has standardized incoming transactions from banks all over the world. To facilitate wealth managers and family offices’ handling of banking processes and audit-proof archiving of banking documents.
“Nextway has nearly two decades of experiences with trustees and wealth managers in Switzerland, Liechtenstein, and Germany. We have standardized connections to around 900 banks. It is therefore with great pleasure that we can share this knowledge with members of the OpenWealth community and shape the future of wealth management globally”
Marcel Ritter, Managing Director of Nextway Switzerland, SVP Finance.
Nextway makes companies more efficient and people’s lives at work easier. Replacing processes that involve paper, spreadsheets, pdfs, and emails, with their easy-to-use software, Next®.
Since 1986, Nextway has served customers from all over the world through a network of certified partners and own offices in Denmark, Finland, Germany, Norway, Sweden, Switzerland, and the UK.
OpenWealth is a community of banks, wealthtechs, and service providers, initiated by Synpulse, St.Galler Kantonalbank, Zürcher Kantonalbank, and three manufacturers of portfolio management systems. They share a common goal of defining, operationalizing, and implementing an API standard for wealth management. And thereby boost the efficiency of the Swiss wealth management business.