HSBC Hong Kong has launched a new Application Programming Interface (API) which will allow companies to incorporate the instant electronic Direct Debit Authorisation (eDDA) and real-time funds transfer into their own digital service platforms, the press release stated. HSBC aims to help businesses provide faster and “one-stop” payment journey for their clients.
The new API from HSBC covers the end-to-end process happening from authorisation set-up, real-time verification to initiation of direct debit all from within the businesses’ owned platforms.
“When it comes to payments, simplicity and convenience make a paramount difference to customer experience. Designed to allow our corporate customers to stay ahead of the evolving demands of their clientele, this innovative cash management API also supports businesses in their digital transformation and daily operation optimisation,” said Yvonne Yiu, Head of Global Liquidity and Cash Management, Hong Kong, HSBC.
The new API solution is adopted by Futu Securities which is a fintech company based in Hong Kong. This would allow investors who hold HSBC accounts to set up the eDDA through Futu, allowing them to arrange quicker deposits directly on Futu’s platform.