IMB Bank Announces Open Banking Platform

IMB Bank, an Australian bank, recently announced its Open Banking Platform. The first release of the platform shares data related to deposits and transactions. More specifically, data includes relevant features, rates, and fees. The platform shares such information through an API.   

“Open Banking is an important step for the banking industry that we hope will, ultimately, benefit consumers,” Rob Ryan, IMB Bank CEO, commented in a company announcement. “With our data available, consumers have more transparency and choice, are able to make informed decisions on their banking arrangements.”

The Open Banking APIs driving the platform are available through the IMB Developer Portal. The initial release, and IMB’s development plans, are in line with the Australian Competition and Consumer Commission regulations. Data sharing is expected to launch on July 1, 2021.

IMB APIs fall into three categories: middle office, back office, and front office. Middle office APIs enable features like payment, core, lending, analytical, credit card, and risk management. Back office APIs enable features like document handling, treasury ALM, GLHR finance, and collections. Front office APIs enable features like banking, a digital Branch, ATMs, Fintech, Digital channels, and Contact center. Check out the API catalog to learn more.  

IMB is just getting started with its open banking products. Features on the roadmap include a digital mortgage platform. Visit the Developer Portal for a list of all options and a roadmap.

Be sure to read the next Banking article: Radius Bank Expands Digital Platform Via API