Accounts

We offer:

• Cost efficient and future-proof solution to support clients’ growth, and a pan-European solution which creates the most efficient account structure and cost-effective services.
• Improved reporting visibility and automated account reconciliation. ISO20022 standards and XML combined with near real-time position reporting are applied as tools to maintain control of accounts.
• Optimised cash management solution that offers cross-border, local clearing recognised IBAN bank accounts for collection and payments in the European area through real-time cash concentration.

We can offer all commonly used payment and collection services within our international network, both locally as well as cross-border. Through our proprietary branch network we can efficiently service payments and collections in the following countries: Austria, Belgium, Bulgaria, Czech Republic, France, Germany, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Poland, Portugal, Romania, Russia, Slovakia, Spain, Switzerland, Turkey, United Kingdom and Ukraine. We can also open accounts in locations where ING has a local presence such as Singapore.

ING has referral arrangements with various banks around the world to open accounts:

• Via Nordea: Denmark, Finland, Norway and Sweden; For the Nordics (Denmark, Norway, Sweden) ING has its own proposition called NORAS, where we offer domestic payment capabilities via an ING account in the Netherlands (and additional countries to be added in due course);
• Via ProCredit Bank: Albania, Bosnia and Herzegovina, Greece, Kosovo, Serbia and North Macedonia;
• Via Erste Group Bank for Croatia and Slovenia;
• Others, such as US Bank in the United States of America, National Bank of Canada (NBC) and Development Bank Singapore (DBS) for 7 countries in Asia.

Account structure

An account structure forms the cornerstone of any successful cash management solution. We can set up a lean and cost-effective bank account structure that holds a ‘master’ current account and multiple ‘slave’ accounts to execute transactions and support centralised cash and liquidity management. To implement more complex structures, an ING implementation manager can be assigned to guide the organisation through the implementation by applying a project approach.

Account management

You can open accounts in different countries with just one single request according to a time-saving process and uniform documentation. We offer two options to have the account life cycle handled in a uniform, easy and predictable way:

• Within InsideBusiness, ING’s online banking platform, designated Corporate Administrators can manage the accounts online. A simple Service Request supports the account reservation, documentation request (checklist), opening, maintenance and closing of accounts.
• Electronic Bank Account Management (eBAM) consists of a standard protocol and set of XML messages which enable organisations to communicate independently for efficient management of bank accounts. Centralised companies with a SWIFTNet connection can exchange acmt messages with ING to manage the accounts via their ERP system.