ING Open Banking

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Open Banking

ING Open Banking

Opening up to a new world of banking.

About

Revolutionising the way you bank

Open Banking is an exciting new chapter in Australian banking, it is the first stage of implementing Australia’s new Consumer Data Right (CDR, for short). Customers will have more access and control over their data, giving them the right to access specified data (CDR data) held by organisations (data holders) that relate directly to them and authorise the sharing of that CDR data to other third parties (accredited data recipients) for specific purposes.

The ultimate objectives include increased competition, smarter services and better bang for your buck by giving you 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 coming years, CDR will also be rolled out to Australia's energy and telco sectors too.

For Customers

For customers: share your ING data with accredited organisations

Start sharing

Sharing your ING data can make it easier to compare products from us and others, which can help you find a product that suits your needs.

You can now authorise us to share your consumer data with third party accredited data recipients for the following types of ING accounts:

  • everyday transaction accounts
  • personal savings accounts
  • personal term deposits
  • joint personal accounts
  • credits cards
  • home loans
  • personal loans
  • business savings accounts
FAQs

FAQs

What is Open Banking?

Open Banking is the term banks use for the introduction of the Consumer Data Right.

Consumer Data Right - or CDR for short, has been introduced by the Australian government to give consumers the right to access specified data (CDR data) held by organisations (data holders) that relate directly to them and authorise the sharing of that CDR data to other third parties (accredited data recipients) for specific purposes.

While CDR is being applied to the Australian banking industry first, energy and telecommunications companies will also be part of CDR in the future.

Open Banking will give our customers the ability to share personal data with accredited data recipients through 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.

Consumer Data Right and Open Banking follow strict privacy and security regulations to protect your data which is monitored and enforced by Australian government agencies.

All participating CDR providers including ING must be accredited by the Australian Competition and Consumer Commission (the ACCC) before they can share and receive customer data.

No, Open Banking is an opt-in service only.

That means you can choose whether to use it or not.

ING and other providers must get your explicit consent to use your data.

Open Banking is an opt-in service only, so you can choose whether to share your data or not. You can withdraw consent anytime you choose.

If you choose to participate, you have to provide consent before ING or any other provider can access your information.

You also have the power to select what data you want shared with organisations and for how long.

The technology behind the data transfer process uses something called application programming interfaces (APIs). This means when data is transferred to an accredited data recipient it's all done electronically and automatically. The format and process for sharing Consumer Data Right data has been set up by the Data Standards Body (DSB). The Data Standards Body is a division of Treasury department of the Australian Government.

Again you are in control of this decision, you are able to choose the period you share your data for, ranging from one time use to up to 12 months.

You can consent to share selected data for your ING accounts such as your:

  • name, occupation and contact details
  • account balance and features of the products you have with us
  • transaction details
  • direct debits and scheduled payments
  • saved payees

Yes. Joint accounts are set up for data sharing and you can authorise a data sharing arrangement without approval from other account holders unless you or any other account holder disabled your data sharing permissions.

If a joint account holder chooses to disable data sharing on your joint account, you and all other account holders will need to approve to re-enable data sharing. You can change your joint account data sharing permissions at any time.

To manage your data sharing permissions login to online banking and go to Manage accounts > Data sharing > Account permissions.

Yes, if you don’t want other account holders to be able to share data from a joint account, you can disable data sharing permissions on that account.

Alternatively, a joint account holder can choose to remove a specific third-party data sharing arrangement on the joint account. This will not stop data sharing with any other third-party or future data sharing arrangements on the account.

To enable or disable data sharing, login to online banking and go to Manage accounts > Data sharing > Account permissions.

Absolutely. You can see, manage and withdraw your data consent(s) anytime by logging into online banking.

At ING you can see, manage and withdraw your data authorisation anytime via online banking. If you are having trouble withdrawing your authorisation, simply call 133 464 and we will guide you through this process.

As soon as you withdraw authorisation, we’ll stop sharing your data immediately. Data recipients will stop using the relevant data within 7 business days, and delete or de-identify any collected data.

If you think your data has been mishandled or your privacy has been breached, contact ING immediately on 133 464 so we can investigate promptly.

If you have a question about your Consumer Data Right privacy rights or ability to complain, you can also contact the Office of the Australian Information Commissioner on 1300 363 992.

If you wish to, you can also lodge a complaint with the Australian Financial Complaints Authority at: afca.org.au/make-a-complaint

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

For a new customer to ING, it can take up to 3 hours for you to be able to share your data for your newly open account.

Yes. Any authorised user of a Business Optimiser account or a Business Term Deposit account can nominate to share data on behalf of the account holder.

No. Open Banking APIs are secured so that only third parties accredited by the ACCC can access the data. They are not designed for customers to access their own data.

To learn more about the Consumer Data Right and which third parties can access these APIs on your behalf please have a look at www.cdr.gov.au.