HSBC Open Payments

HSBC UK Bank plc a public limited company with debt securities traded on the London Stock Exchange. The company is a ring-fenced bank and a wholly owned subsidiary of HSBC Holdings Plc. HSBC UK leverages the HSBC Group network to support customers and help grow revenue across key trade corridors globally.

HSBC Open Payments integrates seamlessly with Magento, providing merchants with a secure and efficient payment solution. By offering "Pay by Bank Account" as an additional checkout option, merchants can enhance customer choice and streamline payment processing. This method eliminates the need for customers to enter card details, reducing friction and improving conversion rates.

HSBC Open Payments Extension

Once integrated, HSBC Open Payments will appear as a payment option at checkout. When customers select “Pay by Bank Account,” they will be redirected to their online or mobile banking platform to approve the payment. Once authorized, the transaction is instantly processed, and funds are deposited into the merchant’s HSBC Business Current Account.

Merchants benefit from lower transaction fees, real-time payment settlement, and enhanced security, all while offering customers a frictionless and trustworthy payment experience.

Account & Pricing

A separate HSBC Open Payments account is required to use this extension. Merchants must sign up separately before installation, as the account is not created during the extension setup. To register, visit the HSBC Open Payments registration page.

HSBC Open Payments charges a fixed fee per transaction instead of a percentage-based fee, which can lead to significant cost savings for merchants. For detailed pricing information, please refer to the HSBC Open Payments pricing page.

For assistance with account setup and pricing inquiries, merchants can contact HSBC UK support at support@hsbc.com.

Security

The integration utilizes a redirect based payment flow via secure API communication with the PSP. This means that while the order and billing details are collected on the merchant’s store, no sensitive payment data, is entered or stored on the merchant server at any point.

Customers are securely redirected to the PSP’s PCI certified environment for payment processing. This approach minimizes PCI scope for the merchant and ensures that all payment data is handled directly by a certified third party.

SAQ Scope:

Because the payment information is entered on the PSP’s hosted pages via redirect, and not on the merchant’s infrastructure, this integration aligns with PCI SAQ A requirements.

Data Handling:

The merchant server does not store any payment data. However, standard order-related information such as billing and shipping addresses, order details, and transaction metadata are securely stored as required for order fulfillment and customer service purposes. All data transmission between the merchant’s store and the PSP is secured via SSL/TLS encryption.

Authentication & Data Protection:

The plugin uses secure authentication protocols and encrypted API communication with the PSP. All communication channels are secured with industry standard SSL encryption, ensuring data confidentiality and integrity during the transaction process.

Features

• Real-time settlement: Payments are processed instantly via Faster Payments, directly into an HSBC Business Current Account or Virtual Account.
• No interchange fee: Instead of a percentage-based fee, a fixed charge per successful payment applies.
• Enhanced security: No need for customers to enter sensitive financial details on your site, reducing fraud risks.
• Lower chargeback risk: Faster Payments transactions are irrevocable, mitigating fraudulent chargebacks.
• Reduced cart abandonment: Customers can complete transactions without needing to enter debit or credit card details. 

How It Works

1. Customers select "Pay by Bank Account" at checkout.
2. Your system requests payment initiation via the HSBC Open Payments API.
3. Customers are securely redirected to their bank's mobile app or online banking portal to authorize the payment.
4. Funds are transferred instantly to the merchant's HSBC Business Current Account via Faster Payments.

Privacy Notice

Please learn more on the HSBC privacy notice here.