Banking and financial services giant HSBC has launched a portal designed to enable third party payment providers to develop products and services for European consumers and businesses.
The portal will keep in line with the second European Payment Services Directive (PSD2) and with the UK’s Competition and Markets Authority Open Data Specifications.
HSBC’s ‘PSD2 Developer Portal’ will help the bank to meet the new requirements of the directive; keeping in consideration of the increase in competition and reduce of costs in the European payments industry.
Global Head of Global Liquidity and Cash Management Digital at HSBC, Nadya Hijazi said: “We are keen to work with multiple parties to develop and test their applications and customer propositions through easy and secure access to the wide range of simulated products and services on our PSD2 Developer Portal.
“We look forward to working with third party payment providers across Europe to use HSBC’s services and bring new innovation to the market through an intuitive developer ecosystem.”
HSBC’s Developer Portal is a secure sandbox environment where developers can test Application Programming Interfaces (APIs) for three services: account information, payment initiation and funds confirmation.
This API platform provides developers with the choice of Open Banking Implementation Entity (OBIE) and STET standards. HSBC have also begun working towards the inclusion of the Berlin Group standards.
Furthermore, the bank revealed that developers can access ‘mock’ data from retail and corporate payment accounts in scope of PSD2.
In the announcement, HSBC state that the launch of the PSD2 Developer Portal marks “another step towards introducing more digital innovation and competition for payment services while ensuring high levels of security”.
The company recently announced a partnership – through its US subsidiary – with fintech lending platform Neptune Financial to target middle market businesses in the US in need of capital.
