The innovative solution, which HSBC first launched in April 2020, helps businesses provide a significantly faster and simpler one-stop payment journey for their clients.

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.

“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, ” Thomas Qvistgaard Hansen, APAC COO, Saxo Markets, said.

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

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.”

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.