The Corresponding Banking Department is responsible for establishing cooperation with other financial institutions and its further development. This is the first point of contact for banks interested in starting the cooperation with ING Bank.

Currently, ING Bank maintains about 100 LORO accounts for banks, which due to high service level and flexible approach to Client needs decided to use no other service but the service of ING Bank.

As a correspondent Bank we care for ensuring the highest quality of services within the area of execution of settlements and payments, documentary operations, custody services and financial markets. We are ready to introduce to you our new offer of maintaining an PLN account for banks.

We are happy to invite you to cooperate with us.

Correposndent Banking offer

  • Bank account

    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
  • Interbank payment orders

    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:

    • no fees for incoming transfers
    • competitive cut-off hours for submitting the instructions
    • attractive prices with respect to executed instructions
    • monitoring of the balance in the client’s account
  • Commercial payment orders

    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.
  • Clearing systems

    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
  • Reports/Account statements/Payment slips

    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
  • Additional services for Banks

    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.

Standard Settlement Instructions (SSI)

Currency Correspondent Bank SWIFT Account
AUD Commonwealth Bank of Australia, Sydney CTBAAU2S 06796710001696
BGN ING Bank NV, Sofia Branch INGBBGSF BG35INGB91451002442512
CAD Bank of Montreal, Montreal BOFMCAM2 3169-1055-407
CHF UBS AG, Zurich UBSWCHZH CH180023023006402105X
CZK ING Bank N.V., Prague Branch INGBCZPP CZ03 3500 0000 0090 0043 9006
DKK Nordea Bank Danmark A/S, Copenhagen NDEADKKK 500-000-7540
EUR ING Bank N.V., Amsterdam INGBNL2A NL74INGB0050910302
GBP The Royal Bank of Scotland Plc, Edinburgh RBOSGB2L GB17RBOS16003410003561
HUF ING Bank Rt., Budapest INGBHUHB HU73137000160023655700000000
INR Kotak Mahindra Bank Limited, Mumbai KKBKINBB 500011042723
JPY Mizuho Corporate Bank Ltd., Tokyo MHCBJPJT 4948010
NOK DnB NOR Bank ASA, Oslo DNBANOKK NO05 7002 0205 677
PLN National Bank of Poland (NBP), Warsaw NBPLPLPW PL54101000391050000210000000
RON ING Bank NV, Bucharest Branch INGBROBU RO 14 INGB0001008682058910
RUB ING Bank (Eurasia) ZAO, Moscow INGBRUMM 30111810000001002617
SEK Skandinaviska Enskilda Banken AB, Stockholm ESSESESS 55558504528
TRY ING Bank AS Istanbul INGB TR IS TR680009900007665200100002
USD JPMorgan Chase Bank, New York CHASUS33 001-1-230554
ZAR FirstRand Bank Ltd, Johannesburg FIRNZAJJ 9020411

STP Requirements

In order to reduce cost and to shorten the lead time of payment orders we recommend that the enclosed herewith STP guidelines be applied:

 

See also