HSBC-SWIFT Tie-Up to Define Hong Kong API Standard
SWIFT will partner with HSBC to define a common industry standard for application program interfaces in Hong Kong as part of a broader plan to develop open banking.
SWIFT’s open banking efforts are expected leverage API technology to enable secure sharing of financial information and processing applications for financial products and services outside of the institution holding the account. According to a SWIFT statement, implementation for open banking is due by the end of October 2019.
«Since the upcoming phases of [Hong Kong Monetary Authority’s] open API framework is transaction-based, SWIFT will ensure interoperability with the underlying clearing & settlement systems,» the statement added, highlighting BNP Paribas Securities as another partner.
SWIFT added that its role in Hong Kong and Singapore’s banking industry includes accelerating and improving ease of API integration by merchants; minimizing incremental investments required to expand product or service coverage; and improving the time-to-market.
