HSBC launches trade finance API for bank guarantees

The bank states in a release that the development of the API is a “key component” of its wider API strategy. It adds that it will release further trade finance and bank guarantee APIs over the rest of the year.

According to HSBC representatives, APIs are fundamental to the digitisation of trade finance, and through the introduction of APIs, the bank is aiming to impreove the customer experience in cross-border trade by providing clients with access to the products and services they need from their platform of choice.

HSBC handles half a million bank guarantees a year. ING Bank and Standard Bank are already working with HSBC to integrate the Bank Guarantee API into their banking platforms, according to the bank.