HSBC launches open banking app

Thursday 10 May 2018 00:12 CET | News

In line with open banking regulation, HSBC has launched an app that enables users to see accounts from 21 different banks in one place.

HSBC has responded to the recently imposed open banking regulations by launching Connected Money, an app that enables users to view all their bank accounts, regardless of supplier, on a single screen.

The app, now available on iOS 10 and above via the App Store, can display accounts from 21 different banks, including current accounts, savings, mortgages and loan accounts.

Since the arrival of the second iteration of the EU’s Payment Services Directive (PSD2) and the Competition and Markets Authority’s (CMA’s) rules for open banking in the UK, banks must be able to give third-party financial services suppliers access to customer data, if the customer agrees, through application programming interfaces (APIs).

This means developers at fintech (financial technology) companies and banks can create apps that can show all a consumer’s accounts in one place, and banks and suppliers can add other features on top. Banks are keen to remain the go-to place for people’s everyday banking as competition from fintech companies hots up.

As well as providing a single view of all accounts, HSBC’s Connected Money app includes a feature suggesting where customers can make savings.

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Keywords: HSBC, Open Banking, app, account aggregator, fintech
Countries: World

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