Saxo taps HSBC’s eGIRO to support real-time funds transfer into trading platform

Saxo has partnered with HSBC to incorporate eGIRO and FAST Direct Debit Solution to support real-time funds transfer into its trading and investing platforms.

The API solution was first launched by HSBC in April 2020 to help businesses provide a significantly faster and simpler one-stop payment journey for their clients.

Previously, the challenge was that investors who needed to top up their investment account after performing trades would need to log in separately into their bank’s account to initiate a funds transfer.

From authorisation set-up, real-time verification to initiation of direct debit

Once investors perform a one-time Direct Debit Authorisation electronically via eGIRO, Saxo is able to tap the Real Time Direct Debit APIs to trigger on-demand instant collection.

The API solution covers the end-to-end process – from authorisation set-up, real-time verification to initiation of direct debit – all from within Saxo’s platforms.

The fully automated process also eliminates the manual paperwork involved and further enhances operational efficiency in cash flow management.

Thomas Qvistgaard Hansen, APAC COO, Saxo Markets, said: “We are very happy to be able to launch this for our clients as it will bring a much smoother user experience as they trade and invest in the markets, without the need to leave the Saxo platform. In addition to ad-hoc top ups, this solution also perfectly ties in with our digital asset management solutions and RSP products where recurrent deposits can be easily scheduled again without having to separately log in to the bank account.”

Winnie Yap, Head of Global Payments Solutions, HSBC Singapore, said: “In an increasingly digital and connected world, client-centric businesses like Saxo are looking to serve their clients in a simple, seamless manner. We are delighted to partner Saxo to support their growth across international markets, by co-creating solutions built upon our cutting-edge real-time payment rails and APIs.”

Saxo and HSBC prior moves

Saxo and HSBC have a long and fruitful relationship, having recently co-created solutions in Hong Kong to digitise processes to build a more optimised treasury organisation.

Last year, HSBC Singapore adopted Saxo’s self-directed trading infrastructure for equities investments, marking a significant move for Saxo Bank which has been expanding across the Asia Pacific at a very fast pace.

HSBC stated it expects the collaboration to strengthen its offerings for its retail banking customers, including those overseas. Saxo Bank’s trading infrastructure offers access to new platform functionalities, more global opportunities and an enhanced user experience to HSBC clients. The platform uses OpenAPI technology to make digital banking easier and more efficient, while reducing cost and complexity.