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Andrew - It is quite understandable when you look at the state of the legacy infrastructure of banks like HSBC. This approach -also referred to as 'speedboating' by some - will become increasingly common amongst the large, legacy banks. You are right, they could invest in  other challengers but that would most likely not give them enough influence over the functionality and more importantly, more control over customer migration. With regard to Open Banking/PSD2, I'm afraid there is still plenty of room for improvement (just look at rhe debate with the banks and CMA9 in the UK!). 

As a business and retail customer of HSBCs, I am now left wondering how long will it really be before I can jump aboard their new Sunseeker because I now know that they are not  going to invest in their existing platform.

Sounds great useful but does it reconcile my receipts too??

Thanks Hakim. You are correct in highlighting the poor take up of the PAYM Service; a significant part of this can be attributed to the poor marketing and dependence on mostly clunky, mobile banking platforms. That said, the industry now has a database which can be enhanced and used for other purposes. One obvious use case would be to mandate its use prior to the origination of Faster Payments (to check the beneficiary details prior to processing), thereby reducing misdirected payments.