HSBC launches trade finance API for bank guarantees
UK-headquartered bank HSBC has launched a new trade finance API which it claims will give financial institutions and their clients the ability to build applications with “full visibility” of their bank guarantees.
The bank states in a release that the development of the API is a “key component” of its wider API strategy. It adds that it will release further trade finance and bank guarantee APIs over the rest of the year.
“APIs are fundamental to the digitisation of trade finance,” says Surath Sengupta, global head of financial institutions, portfolio management and distribution for global trade and receivables, HSBC. “Through the introduction of APIs we are improving the customer experience in cross-border trade by providing clients with access to the products and services they need from their platform of choice.”
HSBC handles half a million bank guarantees a year. “The bank guarantee API is the first of several APIs we’re developing. We’re looking forward to working with our network partners to realise the full benefits of open banking and improve the customer experience.”
Mark Buitenhek, global head of transaction services at ING said: “Trade is an important domain for ING to innovate and create new enhanced experiences for our corporate clients.
“This pioneering API connection with HSBC fits perfectly in our ambitious open banking strategy, to be a bank of the future based on openness, co-petition and co-creation. More APIs will enable new open business models that we work on at ING.”