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HSBC to launch app on back of Open Banking rules

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HSBC to launch app on back of Open Banking rules

HSBC Holdings PLC is set to launch an app, Connected Money, which centralizes information about customers' accounts including those held with rival lenders, as a part of the U.K.'s new Open Banking rules that came into effect Jan. 13, the Financial Times reported March 12.

The new rules require banks to give third parties such as financial technology and payments companies access to customer data, and the app makes HSBC the first major U.K. bank to take advantage of them, the FT said.

The bank aims to release the app in the first week of May, but HSBC's U.K. head of retail banking and wealth management, Stuart Haire, reportedly told the newspaper it would hopefully be made widely available by the middle of April.