HSBC has launched a trade finance API that lets partner financial institutions and their clients see the status of their bank guarantees in real time from their own platforms.
The bank guarantee API, currently being tested by ING and Standard Bank, lets partners build their own applications for clients using HSBC's network.
This means that the partner banks and their clients can see the status of their guarantees on their own systems rather than relying on phone calls and emails for updates.
HSBC says the API is just the first of several in the trade finance area it is developing, while ING is floating the addition of real-time documentation negotiations or pricing agreements.
Mark Buitenhek, global head, transaction services, ING, says: “This pioneering connection with HSBC fits perfectly in our ambitious open banking strategy.”