Open banking: where do we stand and what benefits for SMEs?
Introduction
Swiss SMEs spend on average several hours per week manually checking received payments, reconciling bank transactions and chasing unpaid invoices. Repetitive tasks that consume valuable time and generate errors.
Open banking promises to change the game. This concept, which allows businesses to access banking data directly via secure banking APIs, is progressively transforming SME financial management. Instead of manually downloading bank statements and comparing them with your invoices, your management software can connect directly to your account and automate reconciliation.
In Switzerland, open banking is still in its early stages, but the legal framework is evolving and several banks already offer integration solutions via API. For SMEs, the benefits are concrete: real-time cash flow monitoring, automation of banking flows, reduction of data entry errors and significant time savings.
This article reviews the state of open banking in Switzerland, explains concrete use cases for SMEs and details how to integrate these technologies into your daily management.
📌 Summary (TL;DR)
Open banking allows Swiss SMEs to connect their management tools directly to their bank accounts via secure APIs. This technology automates bank reconciliation, offers real-time cash flow monitoring and considerably reduces manual administrative tasks.
In Switzerland, the legal framework is gradually evolving and several banks already offer integration solutions, opening up new concrete opportunities to optimise business financial management.
📚 Table of contents
What is open banking?
Open banking refers to the secure sharing of banking data between your bank and third-party applications, with your explicit consent. This system works via banking APIs (application programming interfaces) that allow your management tools to access your financial information in real time.
In Europe, the PSD2 directive requires banks to open their data. Switzerland works differently: no legal obligation exists, but several banks are voluntarily developing banking APIs to remain competitive.
Concretely, open banking allows your invoicing software to consult your transactions, initiate payments or automatically reconcile your invoices with your bank receipts, without manual manipulation.
Where does open banking stand in Switzerland?
The Swiss open banking market is progressing slowly but surely. Unlike the European Union, Switzerland has no binding regulation like PSD2. Banks are therefore advancing at their own pace, on a voluntary basis.
The Swiss Open Banking API initiative is attempting to harmonise standards between institutions. Several major Swiss banks already offer APIs, but adoption remains uneven. Neobanks and fintechs are generally more advanced than traditional banks.
For Swiss SMEs, this means that access to banking APIs depends heavily on your banking institution. Some businesses already benefit from functional integrations, whilst others must still wait.
The concrete benefits of open banking for Swiss SMEs
Open banking transforms the daily management of SMEs by automating time-consuming and error-prone tasks. Beyond theory, banking APIs offer measurable advantages in time, accuracy and financial visibility.
Here are four areas where banking integration concretely changes the daily lives of Swiss entrepreneurs and freelancers.
Automation of bank reconciliation
Bank reconciliation consists of verifying that each payment received corresponds to an invoice issued. Manually, it's tedious and prone to errors.
With the integration of banking APIs, your bank transactions synchronise automatically with your invoicing software. The system identifies incoming payments and associates them with the correct invoices, without human intervention.
Result: considerable time savings, reduction of data entry errors, and immediate visibility on paid or pending invoices. BePaid is currently developing automated bank reconciliation features that will benefit from these technologies.
Reconciliation errors can be costly in time and credibility. To avoid other common pitfalls, consult our guide on invoicing mistakes to avoid.
Real-time cash flow monitoring
Knowing your bank balance in real time changes everything. With open banking, your management tools display your bank accounts updated instantly, without manual connection or file export.
This immediate visibility allows you to anticipate cash flow needs, quickly identify liquidity problems and make informed decisions about your investments or expenses.
No more waiting for bank statements or juggling between multiple interfaces. Everything is centralised in your invoicing tool, with a clear overview of your banking flows.
To fully exploit this data, discover essential financial indicators and our cash flow improvement strategies.
Simplification of payments and receipts
Open banking allows you to initiate payments directly from your management software, without going through your bank's e-banking. You save time on supplier payments and reduce the risk of data entry errors.
On the receipts side, banking integration accelerates confirmation of payments received. Your clients can settle their invoices with integrated payment options, and you are notified instantly.
This fluidity improves customer experience and reduces payment delays. Professional and responsive invoicing strengthens trust and customer satisfaction.
Discover how automated invoicing improves your customer relationships beyond simple payment.
Reduction of administrative costs
The automation of banking flows via open banking drastically reduces the time spent on repetitive tasks: manual entry of transactions, payment verification, bank reconciliation, dashboard updates.
Less manual manipulation means fewer costly errors. A data entry error can lead to payment delays, unnecessary reminders or VAT problems.
For an SME or freelancer, these time savings translate into real savings. You can reinvest these hours in your core business rather than in administration.
Banking integration doesn't completely eliminate administrative work, but it makes it much more efficient and less subject to human error.
How to integrate open banking into your SME?
Before getting started, check whether your bank offers banking APIs accessible to SMEs. Contact your bank adviser or consult your institution's website to find out about available options.
Next, choose management tools compatible with Swiss open banking. BePaid is actively working on the integration of banking APIs to offer automatic reconciliation and real-time cash flow monitoring to its users.
Assess your real needs: do you have sufficient transaction volume to justify automation? Which tasks currently take up most of your time?
On the security side, open banking relies on strict protocols (OAuth 2.0, data encryption). You remain in control: you explicitly authorise access and can revoke it at any time.
Finally, find out about potential costs. Some banks charge for API access, others include it in their business offerings.
Current challenges and limitations in Switzerland
Open banking in Switzerland remains under development. The absence of a mandatory regulatory framework is slowing widespread adoption. Each bank is advancing at its own pace, creating significant disparities between institutions.
Standardisation is progressing with the Swiss Open Banking API initiative, but formats and protocols still vary from one bank to another. This fragmentation complicates the work of third-party application developers.
For SMEs, access to banking APIs is not always free or simple. Some banks reserve these features for their premium clients or charge access fees.
Finally, the maturity level of integrations remains variable. Some APIs offer complete functionalities (reading, payment, reconciliation), others are limited to balance enquiry.
Despite these obstacles, the trend is clear: open banking is gradually establishing itself in the Swiss banking landscape.
Open banking is progressively transforming the financial management of Swiss SMEs. Even though Switzerland is advancing cautiously compared to other European countries, banking APIs already offer concrete advantages: automatic payment reconciliation, real-time cash flow monitoring, reduction of administrative tasks and better financial visibility.
Challenges still exist—limited adoption, integration costs, security questions—but the benefits far outweigh the obstacles for businesses that take the leap. The automation of bank reconciliation notably saves hours each month and avoids manual data entry errors.
Are you looking to optimise your cash flow management without investing in a complex solution? BePaid offers simplified bank reconciliation and automated payment tracking, accessible from 20 CHF/month. Test our solution free of charge and discover how to automate your invoicing whilst keeping control of your finances.
