23 January 2023

HSBC warned over Open Banking failures

Written By FinTech Alliance in Open Banking

HSBC warned over Open Banking failures

HSBC has published inaccurate information through its Open Data API

IN BRIEF:

- On more than 50 occasions, the bank published incorrect information related to fees, charges and rates, as well as to eligibility criteria and features and benefits of accounts and loans

- This was in breach of an order that requires the UK's big banks to ensure accurate, comprehensive and up to date read-only product and reference information is continuously available through Open Banking APIs

- HSBC reported the breaches itself and has moved to fix the issues and prevent a recurrence, including by boosting control processes to check information before it is made available through Open Banking

What does this mean?

The CMA says that such failures "may result in consumers taking decisions that they would not have taken if they had access to the correct information". AS HSBC reported the breaches itself, the CMA is not taking further formal enforcement action and will instead "monitor HSBC's future compliance closely".

Read more here

Up Next ...
04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

04 November 2024

Barclays acquires Tesco Bank

Barclays Bank UK PLC has completed the acquisition of Tesco ...

04 November 2024

fundcraft Increases Series A to €11 Million Demonstrating Strong Product-Market Fit

fundcraft has increased its Series A funding to €11 million, ...

01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

More in Open Banking

Eyal Sivan aka Mr. Open Banking joins Ozone API as General Manager for North America

06 February 2024

Ozone API, a leading technology company specialising in open banking ...

Ozone API and CLOWD9 Announce Strategic Partnership in Open Banking

30 January 2024

 Ozone API and CLOWD9 are delighted to announce that they ...

10x Banking and Ozone API join forces

14 November 2023

10x Banking (10x), the transformational cloud-native SaaS core banking platform, ...

White Papers Open Banking

Weavr: Why embedded finance should be a strategic priority for the future of work sector

07 July 2022

Download this report to learn more about how embedded finance will change the way we work in the fut...

White Papers Open Banking

Whitepaper: How are companies (REALLY) embedding financial services?

07 July 2022

Embedded finance remains a hot topic, so how do you get past the hype and predictions to find out ho...

White Papers Open Banking

Open Banking and The Rise of Banking-as-a-Service

07 July 2022

To succeed in the world of Open Banking, incumbent banks running on legacy systems will need to digi...

White Papers Open Banking

Stripe on: The rise of embedded finance

07 July 2022

Embedded finance is a growing trend across payments, banking, lending, wealth, insurance and payroll...

There are no Events in this category