Correspondent Banking Offer

We offer maintenance of LORO accounts in currencies available in FX table of ING Bank (mainly in PLN, EUR and USD). To open the LORO account it is necessary to conclude the LORO Account Agreement that is available at our Account Managers.

Under the LORO Account Agreement, as a standard the Bank provides for the Client the possibility of effecting interbank and client orders, receiving bank statements via SWIFT and delivery of interest statements.

Offer advantages

• account opening – free of charge,
• account maintenance – free of charge,
• possibility to set the intraday limit,
• no requirement to maintain the minimum balance.

In order to ensure high quality of handling LORO Clients’ orders, MT20X interbank transfers are effected via gross settlement systems in real time. Moreover, due to specific features of the said messages, the Bank applies preferential hours of placing orders for interbank transfers.

Taking care of liquidity of its LORO Clients, ING Bank requires that its LORO MT210 Clients inform the Bank about expected inflows, which accelerates execution of orders and enables monitoring of the Client’s balance which prevents generation of costs under debit balance in the LORO Client account.

Offer advantages

By effecting MT103, ING Bank acts in line with guidelines of the European Union Directive (Payment Services Directive): it does not decrease transfer amounts of its Clients with due commissions and terms of transfers’ execution are adjusted to EU requirements. Execution of commercial orders takes place with zero value date.

Offer advantages

• transparency of incurred fees,
• being ahead of market standards pertaining to time in terms of clearing of the commercial orders,
• guaranteed OUR.

In order to execute LORO Clients transfers we use the following clearing systems:

For PLN transfers:

• ELIXIR
  • beneficiary’s bank: branches of domestic banks,
  • amount limit: PLN 1 000 000,
  • format: required account number in IBAN/ NRB format,
  • clearing: three clearing sessions.
• SORBNET
  • beneficiary’s bank: domestic banks participating in the clearing process
  • amount limit: transactions for large amounts – mandatorily above PLN 1 000 000 and urgent transactions,
  • clearing: in real time.

For EUR transfers:

• EuroELIXIR (STEP2)
  • amount limit: EUR 50 000,
  • format: IBAN, BIC, SHA cost option,
  • clearing: two clearing sessions.
• EuroELIXIR - domestic
  • amount limit: no limit,
  • format: IBAN, BIC, any cost option,
  • clearing: two clearing sessions.
• EBA
  • amount limit: no limit,
  • format: IBAN, BIC, any cost option,
  • clearing: clearing session.

Other currencies handled by ING Bank:

• SWIFT
  • beneficiary’s bank: all banks apart from the ones on which the sanctions are imposed,
  • amount limit: no limit,
  • format: any – STP is a preferred one,
  • clearing: depending on currency availability.

Offer advantages

• diversification of clearing risk,
• shortening of the execution’s lead time by providing possibility to choose the most effective ways of clearing,
• lowering the cost of the execution by providing possibility to choose the most effective ways of clearing.

In order to meet Clients’ expectations we offer various types of SWIFT bank accounts:

• abridged end of day statement (MT950),
• extended end of day statement (MT940),
• intraday statement (MT942),
• balance confirmation (MT941),
• confirmation of account debiting (MT900),
• confirmation of account crediting (MT910),
• interest statement,
• account preview in electronic banking.

Offer advantages

• easy reconciliation of the account,
• effective management of liquidity,
• immediate information about received funds,
• immediate information about the executed transfer,
• immediate information about balance change,
• transparency of collected and accrued interest.

MT101/9XX
As part of co-operation with other banks, not only those holding accounts with us, we offer a service enabling Client’s account management in our Bank or in another bank via MT101 messages and delivery of statements by SWIFT or electronic banking, respectively.

In order to establish cooperation within the said scope banks need to conclude a Bilateral Agreement.

Trade finance:
Within the trade finance products ING Bank acts as an intermediary in execution of guarantees, letters of credit and documentary collection, also ING Bank issues and handles the re-guarantees and guarantees for re-guarantees.