B2B Payments

HSBC Enhances Business Banking With API Suite

HSBC is rolling out a suite of application programming interfaces (APIs) to support FinTech collaboration and enhance its corporate financial service offerings. In a press release Monday (Oct. 15), HSBC U.S. Commercial Banking announced plans to roll out its Digital Partner Platform, a portal on which third parties, including FinTech firms, can collaborate with HSBC and access a set of APIs.

The first API to be available on the platform, which is set for launch early next year, will enable businesses to apply directly for accounts when using the digital platforms of HSBC and its partners. Later on, HSBC said, it plans to include functionality that allows clients in select international markets to open an account across borders.

“Our corporate clients expect value-added digital connections from their banking partner,” said HSBC Commercial Banking U.S. Head of Digital Banking EJ Achtner in a statement. “As we expand this platform, our intention is to create a digital ecosystem that gives clients access to the tools they need to grow and succeed.”

On a broader level, HSBC said its Digital Partner Platform aims to connect its corporate clients to new partners and provide enhanced digital services.

Earlier this year, the financial institution (FI) enhanced digital services for its corporate customers by integrating Face ID for business clients, a biometric security feature that enables corporate users of HSBC’s mobile banking platform to use their face to access their accounts. More recently, the FI targeted small businesses with its feature that allows a business owner to integrate their personal and business banking accounts into a single platform.

HSBC is the latest in a string of large FIs introducing APIs to promote FinTech collaboration and remain compliant with regulations, like PSD2 in Europe. Citi recently released a report that identified Citi, HSBC, U.S. Bank, Deutsche Bank and other legacy financial institutions as players that are enhancing their API rollouts, with 87 percent of banks overall reporting that they have a clear API strategy.

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