IMB Bank launches Open Banking services

The Mutual Bank has today announced it has launched its Open Banking platform and will begin sharing data through API integration.

The Australian Competition and Consumer Commission (ACCC) and is due to begin sharing customer data with trusted parties from 1 July 2021 and the plan will be to share more data in line with time frames set out by ACCC.

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.

IMB Bank Chief Executive Officer Rob Ryan commented: “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.”