Thursday, 1 October 2020

IMB Bank continues its digital transformation path launching its Open Banking platform today.

In its first phase release, IMB Bank will share certain deposit and transaction product data including relevant features, rates and fees and charges through API integration.

IMB Bank CEO, Rob Ryan, said, “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, are able to make informed decisions on their banking arrangements.”

IMB Bank’s Open Banking APIs is available through the Developer Portal on the IMB website. 

IMB Bank will share more product data in line with timeframes set by the Australian Competition and Consumer Commission and is on schedule to commence sharing customer data with trusted parties from 1 July 2021.

Mr Ryan added, “the launch of our Open Banking APIs completes another key step in the digital transformation of our business. We continue to invest in industry leading technology to improve convenience and security for our customers. Adding to our online deposit and personal loan application capability, this financial year we will launch our digital mortgage platform which provides consumers a simple, fast and secure way to apply for a home loan.”

IMB Bank stressed the importance of data security in Open Banking stating it will not share any customer data without the express consent of its customers, citing its commitment to protecting individuals’ personal information and complying with security and privacy obligations relevant to Open Banking.

For more information about Open Banking, including FAQs for customers, is available at developer.openbanking.imb.com.au.