ING Open Banking

Opening up to a new world of banking.

ING Open Banking

About

Revolutionising the way you bank

Open Banking is an exciting new chapter in Australian banking that is intended to give consumers more control over their personal account data. The ultimate objectives include increased competition, smarter services and "better bang for your buck" by giving consumers more power to negotiate on things like price and rates.

Being a digital bank, we’re naturally committed to championing Open Banking at ING.

In fact, Open Banking is the first stage of implementing Australia's new Consumer Data Right (CDR, for short) introduced by the Australian government. In coming years it will be rolled out in Australia’s energy and telco sectors too.

So now that Phase One of Open Banking has launched, here’s what it means...

For Developers

For developers: we're now live

Start developing

With ING you can start experimenting with the possibilities of Open Banking today and creating a competitive edge in the development of new data-driven services that include the benefits of Australia's most recommended bank.

So if you're a forward-thinking tech head, take a look under the hood today.

Phase One of ING Open Banking makes selected ING product information available through an Application Programming Interface (API). We'll make even more ING product information available in later phases.

To find out more and start tinkering, check out our FAQs and ING Open Banking API Portal today.

ING Open Banking API

ING is Australia's most recommended bank according to RFi XPRT Survey April 20 -  September 20 ( n= 4,165) when compared to customers of 20 other banks operating in Australia.”

For Customers

For customers: plan to share from mid-2021

Start sharing

Right now, Open Banking for ING is only available to developers. But when it does become available to customers in Phase Two, Open Banking will give you the ability to share your personal account data through a secure system with other organisations you choose.

The current government plan is to launch Open Banking to non-major banking customers in mid-2021.

Once live, Phase Two of ING Open Banking will make it easier for you to find the best product for your needs and give you more power to negotiate on things like price and rates. For instance, by sharing your home loan information you may be able to find other loans quickly and identify the best value for your money fast.

We'll keep you in the loop as Open Banking becomes available to customers.

In the meantime, check out our FAQs to find out more.

Launch Timeline

For planners: launch timeline

The rollout of CDR and Open Banking in Australia is being managed by the Australian Competition and Consumer Commission (that’s the ACCC) together with the Office of the Australian Information Commissioner and the Consumer Data Standards.

As at 10 November 2020, ING has completed the following:

Phase

What happened

When it happened
1

Product reference data for transaction and savings accounts, term deposits and credit cards.

1 July 2020
1

Developer API access granted

1 July 2020
1.1

Product reference data for personal loans and home loans.

10 November 2020

ING is planning to launch Phase 2, which is when customer data sharing begins in July 2021.

FAQs

For the curious: quick answers to common questions

What is CDR and Open Banking?

The Consumer Data Right (CDR) is a new right that has been introduced by the Australian government. It gives you the power to easily access and securely share selected personal data held by organisations in participating industry sectors.

CDR will be rolled out progressively, beginning with banking in mid-2020 then extending to the energy and telecommunications sectors.

Open Banking is simply the term banks use for the implementation of CDR.

Once Phase Two launches, Open Banking will give our customers (hello, you!) the ability to share personal data with other accredited financial institutions and third party providers though a secure system.

It is intended to make the financial services industry more competitive while helping customers to reduce paperwork, negotiate a better deal and save money. For instance, by sharing your product information, you may be able to compare similar products and find the best product for your needs more easily. Rest assured, customer participation in Open Banking is 100% optional.

The current government plan is to launch Open Banking to non-major banking customers in mid-2021. Naturally, we'll keep you in the loop as it becomes available.

We launched Phase One of ING Open Banking on 1 July 2020.

Phase 1 makes details about the features, rates and fees of ING transaction and savings accounts, term deposits and credit cards available to developers through an Application Programming Interface (API). On 10 November 2020, ING personal lending and home loan product information became available to developers through the API.

Phase 2 of ING Open Banking is planned to begin in July-2021.

Phase 2 will allow our customers to share selected personal data with other accredited providers. You'll be required to provide consent to your share data. The system will also specify what data is being shared, to whom and how long it can be kept.

Open Banking follows strict privacy and security guidelines set out and monitored by Australian government agencies. Participating providers - like ING - must also be accredited by the Australian Competition and Consumer Commission (ACCC).

No, participation in Open Banking is completely optional. Once ING Open Banking it becomes available for our customers, you'll be able to choose whether you’d like to share your data or not.

Currently in Phase One, Open Banking is only available to developers. This phase only allows developers to start experimenting with selected ING general product information. The current government plan is to launch Phase Two of Open Banking to customers in July-2021. We'll let you know once it's ready. Stay tuned.

Once Phase Two of Open Banking becomes available to our customers, you'll be able to share selected personal data such as your:

  • salary deposits
  • transactions
  • products you hold.

To find out more information about CDR and Open Banking, visit cdr.gov.au

If you’re a developer interested in using our API, just visit the ING Open Banking API Portal.

Any questions about our API, check out the help section of the ING Open Banking API Portal.