IMB Bank launches open banking
The mutual bank has announced that it has launched its Open Banking platform and will share certain data through API integration.
In its first phase release, NSW-based building society IMB Bank said it will share certain deposit and transaction product data, including relevant features, rates, and fees and charges through application programming interface (API).
The bank’s open banking API is available through the developer portal on the IMB website.
It will share more product data in line with time frames set by the Australian Competition and Consumer Commission (ACCC) and is due to begin sharing customer data with trusted parties from 1 July 2021.
Commenting on the launch of the open banking platform, 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.”
Mr Ryan added that the bank will launch its digital mortgage platform this financial year, adding to its online deposit and personal loan application platforms.
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