We have just sent this to all our HSBC users.
I am including it here for transparency.
this is Edoardo, co-founder and CEO of Emma.
I am writing to give you an update on your HSBC connection!
As of Friday, the bank has rolled out a new way to authenticate to your accounts, called Strong Customer Authentication (SCA). This means that you will need to use the digital secure key every time you want to login on the HSBC website.
This is a requirement of a big European regulation (PSD2) which forces banks to:
- Adopt SCA on all their payment accounts (current, credit cards and savings)
In terms of Emma, this meant that we needed to start adopting the second point, otherwise you would have needed to re-login every time to refresh data.
This is why we have started transitioning everyone to Open Banking, which is a backed government initiative that introduces a lot of innovation in the space - you won’t need to share your credentials anymore and will have to just authorise access on the HSBC app.
Unfortunately, HSBC is not currently providing access to some payment accounts via API. Open Banking is only returning us Current Accounts. For this reason, we have filed several reports to the Financial Conduct Authority to understand why this is happening and if they have the legal right to do so.
At this point, we don’t have any news and are working with the regulator, the Open Banking directory, our service provider and legal team to understand how to take action and win the battle for an open and transparent financial system!
For the time being, we are going to continue supporting HSBC (current accounts) via Open Banking and will transition any existing account not supported (credit cards & savings) to the “Closed Accounts” section of the app.
We hope these accounts will soon be back on Emma, alongside the 10,000+ banks we support across 2 continents; but this doesn’t really depend on us.
The ball is in the hands of the bank and regulator. We truly believe we are on the verge of a financial revolution and need your help to bring these accounts back!