Open Banking

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Open Banking

What is Open Banking?

Open Banking is a way of seeing all your accounts together in one place, wherever you bank.

It allows you to share information safely with third party apps and websites offering services such as:

Sharing your account information
Making payments
Setting up automated Variable Recurring Payments (Sweeping payments)
Budgeting tools
Helping you to manage your money
Comparing prices to help you shop around

You can check which third parties are regulated or authorised to provide Open Banking services in the UK by searching the Open Banking website and the FCA Register.

Manage your money and make payments quickly with Open Banking

See all your accounts, balances and transactions in one place

By sharing your information securely with a regulated app or website, you can do things like connect your accounts and view all your balances and transactions at the same time.

Make payments across accounts and to others

With Open Banking, you can send money between your accounts or pay others, including friends and family, in just a few steps.

For both UK and international payments, you can:

Make an immediate payment
Set up a future-dated payment
Set up a standing order
Set up a Variable Recurring Payment (sweeping) from current accounts (domestic only)

To use Open Banking, you’ll be asked for your consent by the app or website you're using. Then you'll be directed to HSBC for authentication.

The third party can ask you for the sort code and account number of where the payment will come from, or you can select those details after the authentication process and confirm the payment to be made. You’ll then be returned to the app or website.

For all immediate payments, you can’t recall or amend them once they’ve been made.

You can set up instructions with a third party to automatically move funds (sweep) between your own accounts.

You set the parameters for the sweeping payments via the third party app / website. This can include, for example, frequency of payments (daily / weekly / monthly) and payment limits (maximum amount transferred per month / maximum amount transferred per sweep).

We’ll ask you to complete security once during set up. Once agreed, there is nothing further for you to do.

The third party will use these parameters to check your account and automatically move funds without the need for you to authenticate each payment or sweep. You can cancel the instructions at any time.

Please note: The third party may need access to some of your account information, such as the balance, to enable them to determine whether a sweep can be made.

A third party may issue you with a card that you can link to your payment accounts.

You can make payments with that card and the third party will ask us for confirmation that you have the funds in your account.

We’ll only respond with a ‘yes’ or ‘no’ answer. If the third party wants to access the funds in your accounts, they’ll need to make separate arrangements with you.

If you experience a problem with one of these cards, get in touch directly with the third party which issued the card.

How does Open Banking work?

Open Banking works by enabling financial institutions to share account information and make payments through APIs (application programming interfaces). This means you can safely allow access to your data and make payments without needing to share your log on details.

Apps and websites will need your consent to access your HSBC accounts. It’s important you understand the services they’re providing and how they’ll use your data.

Using Open Banking

To access your account for information sharing, to make a payment or set up sweeping payments, they’ll ask you for your consent. You'll then be securely directed to HSBC's authentication process. This will be similar to the way you log on to online banking. If you’re using the HSBC UK Mobile Banking app, you’ll be able to use face or fingerprint recognition to authenticate it, where available.

If you’re having trouble authenticating, make sure you follow the on-screen instructions on how to generate the security code.

Once authenticated, you can select the accounts you want to share or make a payment from. The app or website will ask you for your consent for them to access your account data either as a one-off, or for a period of time, such as 2 years. They'll ask for your consent every 90 days to carry on accessing your data.

If you’re concerned about the data you’ve shared and feel it may have been used incorrectly, or if you’re concerned about any payments made through third parties, get in touch with them as soon as possible.

Similarly, you can also connect your non-HSBC accounts with your HSBC mobile app so that you can see all of your financial information in one place. The process of providing your consent is the same but will be given to your non-HSBC financial provider.

Frequently asked questions

You can connect most current accounts with online or mobile access. Some savings, investment, and mortgage accounts may not be supported.

If your bank isn’t listed, it may not currently support Open Banking. We’re working to add more providers, so please check back regularly.

Your data is used to display your account details, balances, and transactions within the HSBC app. We save only the necessary information and follow strict security standards to protect your privacy.

No, you can only add and manage Open Banking accounts using the HSBC UK Mobile Banking app. However, you may review and manage permissions for third parties you share your HSBC data with via online banking.

Third party apps and websites that access your payment accounts must be registered with and authorised by the Financial Conduct Authority (FCA), and comply with all laws and regulations, including data privacy.

You should only use third party apps and websites if they are regulated or authorised by the FCA to operate in the UK.

You can check if they’re regulated or authorised to provide Open Banking services in the UK by searching the FCA register.

For both UK and international payments, you can:

Make an immediate payment
Set up a future-dated payment
Set up a standing order or recurring payment
Set up sweeping payments

For all payments, you can’t recall or amend them once they’ve been made.

If a third party asks you to share information it has to be clear what it’s going to do with it, and how long it will keep it for.

Here are some examples of what data may be shared:

Account name, number and sort code, card number (credit card only), account balance and currency
Details of your Direct Debits, standing orders, recurring, future-dated payments and details of payee agreements that you may have set up
Details of your incoming and outgoing transactions
Details of information contained in your statement
The types of products you have, including benefits, offers, rewards, fees, charges and interest
The full names of all account holders

No, you won’t be opted in automatically.

To take advantage of Open Banking you’ll need to provide your consent to a regulated third party.

If you’d like to use apps or websites with an HSBC UK account, you’ll need to be registered for online banking.

Yes, you can choose to stop sharing your data at any time and it will be stopped with immediate effect.

Log on to either your mobile banking app or online banking, select ‘Open Banking Connections’ and cancel access from the relevant apps or websites.

We’ll notify them that their access has been cancelled as this may affect the services they provide you.

You can also go directly to the third party you have shared your information with and cancel the consent you have given them.

View all FAQs

Need more help?

You can find out more about how Open Banking works from the body set up to implement it in the UK.

The MoneyHelper service also has its own guide to Open Banking.

Visit the Open Banking website for more information.

Get in touch with us if:

You have a technical problem with sharing your information or making payments
You believe a payment was taken from your account that you (or another account holder) didn’t ask for

Open Banking

What is Open Banking?

Manage your money and make payments quickly with Open Banking

See all your accounts, balances and transactions in one place

Make payments across accounts and to others

How sweeping payments work

How card-based payment instruments work

How does Open Banking work?

Using Open Banking

Frequently asked questions

Which types of accounts can I connect using Open Banking, and what if my bank isn’t listed?

How is my data used and kept secure in Open Banking?

Can I add and manage Open Banking connections through HSBC UK online banking?

How is Open Banking secure?

What type of payments can I make through Open Banking?

What data is shared with third parties through Open Banking?

Am I automatically opted in to Open Banking?

Can I stop sharing my information with third parties through Open Banking?

Need more help?

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