HSBC to join and collaborate with BIAN

Established in 2008, the Banking Industry Architecture Network (BIAN) is a self-governing, member owned, not-for-profit association, intended to build and indorse a common architectural framework for banking interoperability subjects. BIAN’s objective is to describe operability and semantic descriptions for IT services in the investment industry. The community of over 80 members’ emphases on making a standard semantic banking services landscape, while safeguarding reliable service meanings, levels of detail and limits. This will provide assistance to banks to attain a discount of incorporation costs and take benefit of a service-oriented architecture. Financial institutions, software vendors, and system integrators, besides the technology partners, are requested to join the relationship and play a shared role with other industry leaders in describing, building and implementing next-generation banking platforms.

BIAN, the self-governing not-for-profit, and HSBC on 13th April 2021, announced that the global bank has merged with the organization to aid in developing its IT architecture through the use of common standards. By appointing into the industry collaboration offered by BIAN’s members, HSBC will be able to emphasis on significances that will best assist its customers’ needs both now and in the future.

HSBC is one of the world’s largest banking and economic services organizations. It aids more than 40 million clienteles across 64 countries internationally, and is digitizing at rule to open up prospects round the world for its customers, while transitioning to a net zero trail. 

As the financial services industry endures to acclimatize to new and existing regulations, banks like HSBC with worldwide exposure, need to make sure that their systems are highly resilient and that they operate at a good scale and are able to bring about change at pace.

Attracted to BIAN for the reason that its inclusive industry reference models, openAPI exchange and proof-of-concept projects, such as the coreless banking initiative, Dan King, Chief Technology Architect at HSBC, said that the continuous improvement of their IT architecture was a crucial enabler of excellent customer experience and growth. Their clienteles come first, and keeping up with their needs is essential and highly-dependent on their IT systems. One of BIAN’s main selling points is its coreless banking enterprise, which indorses a more efficient and operative approach to updating the banking software. This enterprise is extremely stimulating to them, as they look up to future-proofing their technology’s structural design.

Owing to the scale of its business, HSBC brings a prosperity of perspective to BIAN. HSBC has cooperative knowledge of many technologies and methods, meaning that BIAN’s members can gain profit and learn from their involvement. BIAN will also benefit from HSBC’s international perspective and regional knowledge. Hans Tesselaar, Executive Director of BIAN, said that they were very proud to welcome HSBC to their ever growing organization. As they continued to drive novelty across the industry, their members would unquestionably benefit from HSBC’s wealth of experience and knowledge. Teamwork is truly the key to the achievement of our industry, and that he looks forward to their future, with their members by his side.

Steve Van Wyk, Global CIO at HSBC, said that as the chair of BIAN’s Executive Board, he is hugely obsessive about the role BIAN plays across the industry, and he is excited to welcome his new and skilled colleagues at HSBC to the organization. As an industry, they have certain mutual challenges, and by collaborating, they can most certainly overcome them to create an even more strong and innovative sector.