British lender HSBC has partnered with MuleSoft to develop a digital banking platform to tap open banking opportunities.
Under the partnership, HSBC will use MuleSoft’s Anypoint API Community Manager for building APIs and accessing core banking products.
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It seeks to transform HSBC core banking products such as credit cards, mortgages and payments, into APIs within an application network.
Subsequently, these APIs can be leveraged to deliver new services such as procuring data from legacy systems to provide an expenditure overview to customers across bank accounts.
Open-banking will also enable HSBC to connect its backend systems with third parties to support new product development.
Apart from facilitating collaboration with developers and supporting innovation, the move is expected to open up new revenue channels.
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By GlobalDataHSBC group CTO and CIO of retail digital banking Dinesh Keswani said: “HSBC is driving incredible innovation in the era of open banking through API-led connectivity.
“We are moving to serving customers across multiple online and offline channels. With MuleSoft, HSBC has built thousands of APIs in an application network and deployed them across multiple environments to deliver new and consistent experiences.
“We’ve been able to reduce our app development time by 75% and release new functionality to consumers every two weeks versus once a quarter.”
HSBC is one of the largest financial institutions globally with more than 38 million customers.
Recently, the bank launched an app-based small business banking platform in beta called HSBC Kinetic.
