HSBC rolls out trade finance API
HSBC has launched a trade finance API which allows partner financial organisations and their clients observe the status of their bank guarantees in real-time, from their own platforms.
The bank guarantee API is now being tested by ING and Standard Bank and it will allow partners to create their own applications for clients who use HSBC’s network.
The Youtube video launched by HSBC explaining the API can be found below.
The utilisation of the API will allow partner banks and their clients to view the status of their guarantees on their own systems rather than relying on phone calls and emails for updates.
HSBC said the API is the first of several in the trade finance area it is developing, while ING is floating the addition of real-time documentation negotiations or pricing agreements.
Mark Buitenhek, global head, transaction services, ING, said: “This pioneering connection with HSBC fits perfectly in our ambitious open banking strategy.”