What's Open Banking?
Open Banking can let you see all of your accounts, wherever you bank together in one place.
It allows you to securely share information with third parties, who can then provide you with a range of services, like making payments and giving you budgeting tools to help you manage your money.
How Open Banking can help you:
Account information sharing: by sharing your information securely with a third party provider app, you could do things like connect your accounts and view all of your balances and transactions in a single place. Plus, you could use product comparison sites to check if there’s a more suitable account for your lifestyle.
Making payments: you'll be able to send money directly from your HSBC account through third party providers in just a few steps, to make payments simpler.
Sharing your account information securely
Third party providers will need your consent to access your HSBC payment accounts. It’s important you understand the services they’re providing and how they’ll use your data.
There are two ways that a third party provider would access your account for information sharing:
1. Application Programming Interface (API) based access
The third party provider will ask you for your consent and you’ll be securely redirected to HSBC's authentication process. This will be similar to the way you log on to online banking. If you’re using our mobile banking app you’ll simply be able to use your 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. The third party provider 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.
Depending on the duration of the consent you provide, you may need to refresh their access every 90 days through our online authentication process.
2. Screen scrapping access
Before a third party provider can access your account, they’ll need to identify themselves to us and we’ll check that they have permission to access your account.
Third party providers may then access your accounts by logging on using your online banking security credentials. They’ll need to request this information from you each time, which they’ll share with us.
The third party provider will be able to access information in a similar way to when you use online banking. This is commonly known as screen scraping.
Third party providers are only legally permitted to access screens and information for accounts that you have given consent to. This includes the account summary, payee information and balance data. All third parties that access your information must comply with data protection laws and must be registered or authorised with the Financial Conduct Authority (FCA).
If you’re concerned about the data you’ve shared and feel it may have been used incorrectly, get in touch with the organisation or the third party provider as soon as possible.
Making payments with Open Banking
You’ll be asked for your consent by the third party provider before being redirected to HSBC for authentication, much like account information sharing.
Third party providers 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.
When the process is complete we’ll send the requested information to the third party provider, or make the payment.
Screen scraping payments
Third party providers will ask you to input your online banking security credentials into their website or application. Using this information they’ll be able to initiate payments in a similar way, as if you were logged into online banking directly.
How card-based payment instruments work
A new payment method known as ‘card-based payment instrument issuer’ has been introduced, which allows a third party provider to issue you with a card that you can link to your payment account(s).
You can make payments with that card and the third party provider 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 provider wants to access the funds in your account(s), they’ll need to make separate arrangements with you.
If you experience a problem with your third party provider issued card, get in touch directly with the organisation or third party provider who issued the card.
Need more information?
Visit the Open Banking website for more information.
Give us a call if you’re experiencing one of the following problems:
- you have a technical problem with making payments
- you believe a payment was taken from your account that you (or another account holder) didn’t request
- a third party provider has accessed information through screen scraping that they shouldn’t have
Call us on:
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If you’re not happy with any of our services visit our complaints and feedback page.