HSBC has launched a portal designed to allow third party payment providers to develop products and services for European consumers and businesses.

The decision comes in requirements with the Second European Payment Services Directive (PSD2) and in line with the Competition and Markets Authority Open Data Specifications. HSBCs launch of its PSD2 Developer Portal will help the bank to meet the requirements of the directive, which aims to increase competition and reduce costs in the European payments industry. HSBCs Developer Portal is a secure sandbox environment where developers can test Application Programming Interfaces (APIs) for three services: Account Information, Payment Initiation and Funds Confirmation. Developers can access mock data from Retail and Corporate Payment Accounts in scope of PSD2. This testing facility in the secure sandbox environment provides developers with the choice of Open Banking Implementation Entity (OBIE) and STET standards, with work underway to include the Berlin Group standards.

Source: https://www.thepaypers.com/