UK-based bank HSBC is aiming to create a more open financial ecosystem, through the creation of an app that would aggregate all of a user’s bank accounts in one place.
The app would allow customers to add up to 21 separate financial accounts, from different banks, covering current accounts, loans, mortgages and savings — so long as these services can already be viewed online.
The open banking app comes as UK financial companies are readying for PSD2, a regulation that requires them to share access to customer data, with that customer’s permission, to third-party companies, banks, and fintech startups.
HSBC will be testing the app with 10,000 of its UK customers beginning next month, and the service is set to go live by early 2018. Current participant banks include UK banks Lloyds, Barclays, and Santander.
Read more at the Financial Times and Fintextra.