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HSBC launches Open Payments service

Friday 27 November 2020 08:40 CET | News

HSBC has launched HSBC Open Payments, enabling businesses to offer customers an alternative to debit or credit cards for online payments.

HSBC Open Payments works by connecting a business’ checkout page with its customer’s online or app-based mobile banking platform, where the purchaser is presented with a pre-populated payment request. Authorising the payment request triggers an instant and irrevocable credit to the seller’s account.

The product is designed to help clients improve working capital by accelerating payment receipt, reduce the risk of fraud through bank authorisation, and reduce the overall cost of collecting payments. For buyers, payment for online goods or services is completed within their online or mobile banking platform and is fast, simple and secure.

The bank currently serves around 14.5 million customers across the UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.

HSBC Open Payments is launching initially in the UK, using the UK’s Open Banking Application Programming Interface (API) infrastructure to connect immediately with a wide range of UK banks, including the well-known high street banks and a number of challenger banks.

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Keywords: HSBC, open payments, banking, online payments, UK, retail banking
Categories: Banking & Fintech | Online Payments
Countries: United Kingdom
This article is part of category

Banking & Fintech