HSBC Eyes Biz Banking Innovation With Developer Portal
Wednesday 09 June 2021
HSBC has rolled out an application programming interface (API) developer portal that lets programmers and clients locate the APIs that match their business requirements, get a hold of technical paperwork and pilot APIs in the test environment.
“APIs are the future of corporate-to-bank connectivity, and the launch of our Developer Portal is the natural next step,” Nadya Hijazi, head of Digital, Global Liquidity and Cash Management at HSBC, said in the announcement.
The portal will make treasury payment and account information APIs available at first as well as to many APIs for international disbursements, bank guarantee status, custody holdings and trade handling.
Moreover, the portal lets third-party providers in 15 areas where open banking regulation have been put into place get a hold of payment and account information APIs for retail, business and corporate banking.
In future months, HSBC will bolster the portal with additional API offerings. It will also make improvements to the programmer and client experience.
The portal will ultimately store each of the financial institution’s regulatory and nonregulatory APIs.
Tom Wood, head of Global Liquidity and Cash Management, HSBC UK, said at the time that the offering “demonstrates HSBC’s commitment to providing clients with the best digital solutions.”
“Not only is it innovative in how it works but it provides clients with an instant snapshot of their cashflow, meaning they don’t need to wait around for money to clear from acquirers or wallet services,” he said in the November statement.
The news comes as the open banking model has proliferated in markets throughout the globe — even in places such as the United States, where there isn’t an open banking regulatory mandate.
Though the concept first set its aims on enhancing banking experience of consumers, the data integration push keeps growing into new use cases, including corporate banking, that open up opportunity via bank-FinTech tie-ups and data integration.