share x ING: FAQs on the sustainable partnership

In April of this year, it was time for us to say: share goes banking! Together with ING Germany, we developed the Future checking account - a bank account with which every purchase can now be social. But how did this partnership - which may seem unusual at first glance - between the social start-up share and Germany's largest direct bank, ING, come about? How does the account work, how much share is in ING, where does the money go and what will happen in the future? We have collected the most frequently asked questions about the Future checking account and asked them to Ben Unterkofler, co-founder of share, and Laura Wirtz, Lead Daily Banking & Payments at ING Germany, in an interview.

And why have ING and share turned out to be the perfect partners for this mission?

BU: Our vision is to make our daily spending the engine for a fairer world. Our goal is to offer products and services in all industries where it makes sense to integrate a social component. This means that we offer high-quality products and services at a fair price while fulfilling an important social purpose. Of course, we can't do this alone, but only in cooperation with trustworthy partners. When we started toying with this idea, ING was already working on a sustainable checking account at the same time. A large direct bank that has the potential to maximize social impact and wants to set out on the path to a more sustainable future. This is a perfect fit for us.

How does the Future current account work?

LW: The Future current account consists of two parts: Firstly, we ensure that all customer deposits in these accounts are matched by socially and ecologically sustainable financing and investments. Secondly, our customers can decide which funding project ING will support with 1 euro per month, based on their own wishes. In addition, customers can round up their card payments to the next full euro or five euros. The rounded-up amount also benefits the selected funding project. In this way, we have met our customers' wishes to personalize their contribution and make it tangible through the specific projects.

What funding projects are there and how were they selected?

BU: Customers can choose a project from various categories - such as "fighting hunger", "promoting equality". We want to offer a large selection of projects so that everyone can find a project that is close to their heart. We offer eight selected funding projects: menstrual hygiene workshops and hygiene products in South Sudan and Sierra Leone, food rescue in Germany, emergency aid through meals in Ukraine and Somalia, reforestation in Haiti and Ethiopia, food supplies for children and families in India and Yemen, well repairs in Kenya and Sierra Leone, sanitation facilities in Sierra Leone and Malawi and school meals in Afghanistan and Malawi. As soon as one project is completed, a new one begins. This means that the projects change so that as many people as possible can be helped. The selection is based primarily on need. For example, there must be social need. However, we do not evaluate based on geographical criteria, because social need can be an area of ​​action in Germany just as much as in other countries. What counts for us is that the effort must be meaningful and enable as direct and rapid help on site as possible.

How are roles distributed within the project? How much share is in ING's Future current account?

BU: In our case, it is socially and ecologically sustainable projects that we bring into the partnership. The integration of meaningful funding projects has been one of the cornerstones of share's work and expertise since it was founded in 2017. With the Future checking account, anyone worldwide can support socially and ecologically sustainable projects and we guarantee that 100% of all funds reach these projects. We want to achieve as much impact as possible. We work with partner organizations in 17 countries around the world. All projects contribute to selected UN Sustainable Development Goals (SDGs). With this work, which is largely carried out by our in-house Impact Team, we pursue three approaches: humanitarian emergency aid, development cooperation and local projects based in Germany, Austria and the Czech Republic.

What is the big goal, the vision for this joint project? Where do you see the Future checking account and this partnership in a few years?

LW: If we use the product to raise awareness of greater sustainability and increase motivation to do something about it using our own finances, we will have taken a big step. And we are taking this journey to greater sustainability with share and hand in hand with our customers. Because the higher the deposits in the Future current account, the more ecological and social financing we as a bank will match the deposits with. And the more actively our customers use their account, the more funding we will receive that will have a direct impact on the people in the projects. The journey has now started and I am sure it will remain exciting.