Open Banking API
A simple way to connect your HSBC Innovation Banking account data to financial management or accounting software systems which support Open Banking APIs.
Open Banking API in detail
Open Banking API from HSBC Innovation Banking is a powerful tool that enables businesses to securely access financial data and services, facilitating the integration of banking functionalities into their own applications.
This solution is particularly valuable for fintech companies and developers seeking to create customised financial offerings. Fully compliant with Open Banking standards and regulated by the UK Financial Conduct Authority (FCA), our Account Information Services (AIS) are certified by the Open Banking Implementation Entity (OBIE). Plus, the API Connection is a complimentary service for all HSBC Innovation Banking clients, allowing seamless access without additional fees.
Connect HSBC Innovation Banking to your preferred third-party providers to streamline the integration of our services, driving efficiency and ease of use. You can check your HSBC Innovation Banking balances and past transactions directly from the platform of your chosen third-party provider, simplifying your financial management. You can also initiate payments through your preferred third-party provider's platform, making transactions more convenient. The setup process is secure, allowing you to grant access to third-party providers to connect to your HSBC Innovation Banking account while authorising specific users for Open Banking services via HSBCnet.
Overview
- Seamless Integration: Effortlessly connect your HSBC Innovation Banking account with a variety of third-party applications, enhancing your financial management capabilities.
- Real-Time Access: Gain instant visibility into account balances, transaction histories, and payment initiation directly from your preferred applications, streamlining your banking experience.
- Wide Compatibility: Benefit from support for numerous applications and software solutions, allowing you to customise your financial tools to meet your specific business needs.
- Complimentary Setup: Enjoy the convenience of API connectivity at no additional cost, making it easy for all HSBC Innovation Banking clients to leverage the power of Open Banking.
Key features
- Easily link and sync your HSBC Innovation Banking account to third party applications or software which are compatible with Open Banking APIs
- Check account balances, review transactions and initiate payments through your application of choice
- Multiple applications and software supported via Open Banking
Key benefits
- Open Banking APIs provide businesses with real-time access to their financial data, enabling better decision-making and improved cash flow management through integrated insights.
- By automating data retrieval and transaction processes, Open Banking APIs reduce manual tasks, allowing businesses to save time and focus on core operations.
- Businesses can tailor their financial applications to meet specific needs, integrating various services and functionalities that align with their operational requirements.
- With no additional fees for API connectivity, businesses can leverage advanced banking features without incurring extra costs, maximising their return on investment.
How it works
The Open Banking API works by allowing secure communication between your HSBC Innovation Banking account and third-party applications or software that are compliant with Open Banking standards.
When you connect your bank account to an application, the API facilitates the exchange of financial data, such as account balances, transaction histories, and payment initiation requests, in a secure and standardised manner.
This process typically involves the following steps:
- Authorisation: You grant permission for the third-party application to access your banking data through a secure authentication process, ensuring that your information remains protected.
- Data Retrieval: Once authorised, the API retrieves the requested financial information from your HSBC account, allowing the application to display real-time data or perform transactions on your behalf.
- Integration: The application can then integrate this data into its own interface, providing you with a seamless experience that enhances your financial management capabilities.
By leveraging the Open Banking API, businesses can create customised solutions that streamline operations and improve overall efficiency.