Earlier this week high-street bank HSBC launched HSBC Open Payments, enabling businesses to offer customers a simple-to-use 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.
Tom Wood, Head of Global Liquidity and Cash Management, HSBC UK, said: “Open Payments demonstrates HSBC’s commitment to providing clients with the best digital solutions. Not only is it innovative in how it works but it provides clients with an instant snapshot of their cash flow, meaning they don’t need to wait around for money to clear from acquirers or wallet services.
“For customers, the buying experience is smoother, and there is the reassurance of using your bank’s secure platform and not needing to put your card details online.”
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.