Open Banking is a secure digital platform designed to give you greater control of your data. It enables you to share your financial information with, and make payments through, regulated Third Party Providers (TPPs). It's designed to increase competition in the banking industry to benefit businesses like yours.
There's no obligation for you to use Open Banking but by doing so, you may be able to access a wider range of online services and banking products to suit the needs of your business.
Through Open Banking, for example, you could enable new online payment methods or view all of your financial account information in one place. The services available will depend on those offered by the registered TPP.
Our service will be evolving further in the future and we're working hard on making some extra features available to you.
If you choose to use Open Banking to share your information or make payments from your HSBC UK account, you'll need to give your consent to the TPP that offers these services. If you provide your consent, the TPP will make contact with us, and you'll be re-directed to our secure Open Banking site to complete the request.
You'll need to use your HSBC UK Business Banking login credentials on our secure site, so we can confirm your identity and you can provide your authorisation for the TPP to access your information. We'll then return you back to the TPP's website and use a secure connection to complete your request.
You'll be able to view the status of any authorised TPP request through HSBC Business Internet Banking and can cancel an agreement with a TPP at any time.
In some cases, usually when services offered by a TPP aren't covered by Open Banking, a TPP may ask you to share your HSBC UK Business Banking login details with them directly.
If you choose to share your details in this way, you'll always have to be present to enter your login details, and by entering this information, you'll be giving the TPP full permission to access your HSBC accounts' information and payment features.
You should be aware that they'll have access to all the information you see online in relation to your accounts. This includes the account summary, payee information and balance data. All TPPs that access your information must comply with data protection laws and must be registered or authorised with a relevant regulator, such as the Financial Conduct Authority (FCA).
You must only input your login credentials with TPPs registered with their respective National Competent Authority, as TPPs from across Europe can offer this service. The Competent Authority in the UK is the FCA and you can check if a TPP is registered with the FCA at register.fca.org.uk.
Our FAQs below answer some of the most common questions but if you have further queries, you can find more information on our BIB Help centre pages.
If you'd like to speak with us, please don't hesitate to contact us on: 03456 022 014 and we'll be happy to help.