Open Banking: Australia’s IMB Bank Launches New Platform for Sharing Data on Deposits, Transaction Accounts

Australia based IMB Bank will be introducing Open Banking services. The mutual bank confirmed on October 5, 2020, that it would provide a new banking platform that can share certain financial data through an API integration.

The NSW-headquartered building society IMB Bank noted that, during the initial phase of the launch, it would be sharing deposit and transaction product data, which will include rates, and fees, and other charges via standard banking APIs.

IMB’s Open Banking API can be accessed and downloaded via the developer portal on the bank’s official website.

The bank’s management stated that they would be releasing additional product-related data in line with time frames provided by the Australian Competition and Consumer Commission (ACCC). IMB also mentioned that it is planning to share customer data with trusted third-party providers, beginning in July 2021.

Rob Ryan, CEO at IMB Bank, remarked:

“Open Banking is an important step for the banking industry that we hope will, ultimately, benefit consumers. With our data available, consumers have more transparency and choice, [and] are able to make informed decisions on their banking arrangements.”

Ryan also said that IMB Bank is planning to offer a digital or online mortgage platform in the coming months. The bank currently offers a platform for making online deposits and completing personal loan applications.

Australia’s Open Banking initiative officially began in July of this year. The country had introduced its Consumer Data Right (CDR) laws earlier this year. The CDR framework allows users to securely share their financial data in order to gain access to improved banking services from their preferred service providers.

At present, the CDR only allows providers to share data related to deposit and transaction accounts. Certain credit and debit card information may be shared as well. Data sharing that’s related to home or property loans, personal loans, and joint accounts will begin in November 2020.

The Australian Competition and Consumer Commission has begun a consultation that aims to further expand the CDR framework. This should allow more financial services providers to gain access to customer data after obtaining their consent. Submissions to the consultation on the suggested changes or modifications to the existing CDR guidelines will be accepted until October 29, 2020.

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