Saxo , a fintech that connects people to investment opportunities, has worked with HSBC to incorporate eGIRO and FAST Direct Debit Solution. 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.

The new application programming interface (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, translating into a coherent customer experience. The fully automated process also eliminates the manual paperwork involved and further improves operational efficiency in cash flow management. Saxo can now use Real Time Direct Debit APIs to trigger on-demand instant collection.

Investors would need to perform a one-time Direct Debit Authorisation electronically via eGIRO. In addition to Singapore, Saxo has also co-created solutions with HSBC in Hong Kong to digitise processes to build a more optimised treasury organisation. The solution, which HSBC first launched in April 2020, helps businesses provide a significantly faster and simpler one-stop payment journey for their clients.

What is eGIRO? eGIRO is an initiative that digitises the GIRO application process to reduce the set-up time through an efficient and secure digital platform. This initiative allows both Billing Organisations and Applicants to access a network of other Applicant Banks and Billing Organisations with simple integration all on one platform. The eGIRO service is built on API and cloud-based architecture, which allows the solution to scale to accommodate the needs of all banks and billing organisations in Singapore.

In its initial phase, eGIRO was offered by eight major banks and 13 billing organisations across different business segments, including public services, insurance, wealth management, payment services. The eGIRO platform, designed and implemented by Deloitte Consulting Southeast Asia, is operated by Banking Computer Services, a subsidiary of NETS. With the eGIRO service, the creation and cancellation of GIRO instructions was automated and there was a reduction in turnaround time from around three weeks to just minutes.

It also cut the consumption of paper-based documentation, minimising errors due to human intervention. Saxo and HSBC’s partnership 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 improved user experience to HSBC clients.

Saxo and HSBC have a long relationship, having recently co-created solutions in Hong Kong to digitise processes to build a more optimised treasury organisation. In 2021, 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 fast pace. In particular, HSBC customers can get a 360 view of their financial holdings including equities in Singapore via HSBC FinConnect which taps on SGFinDex.

They can open investment accounts for various asset classes including unit trusts and equities; get a consolidated view of their investments via Wealth Portfolio Plus; and update their risk profile, W8-Ben and other investment documents through the Wealth Dashboard, by using their mobile. .