HSBC has launched a portal designed to allow third party payment providers to develop products and services for European consumers and businesses as required by the Second European Payment Services Directive (PSD2) and in line with the Competition and Markets Authority Open Data Specifications.
HSBCs launch of its PSD2 Developer Portal will help the bank to meet the requirements of the directive, which aims to increase competition and reduce costs in the European payments industry.
HSBCs 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. Developers can access mock data from Retail and Corporate Payment Accounts in scope of PSD2.
Nadya Hijazi, Global Head of Global Liquidity and Cash Management Digital, HSBC, 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 HSBCs services and bring new innovation to the market through an intuitive developer ecosystem.
This testing facility in the secure sandbox environment provides developers with the choice of Open Banking Implementation Entity (OBIE) and STET standards, with work underway to include the Berlin Group standards.
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. It is anticipated that the changes will lead to increased customer choice and confidence in using Account Information Services and Payment Initiation Services, when consenting to share their financial data.
Link to the portal: https://developer.hsbc.com
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from approximately 3,800 offices in 66 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,558bn at 31 December 2018, HSBC is one of the worlds largest banking and financial services organisations.
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