FinTech Australia Says ING Systems Breaching Open Banking Rules
(8 February 2023 – Australia) Fintech Australia and the Financial Data and Technology Association (FDATA) are calling on Australia's competition watchdog to intervene in ING Bank's planned upgrade to an Open Banking-related system.
In a joint statement they allege that a planned swap-out of ING Bank's consumer data right (CDR) solution could place it in breach of its CDR obligations. This relates to how bank customers can choose to share their data with third party providers.
“It’s perplexing that ING, a bank with consistently high customer satisfaction ratings, would not prioritise the consumer data right,” said Fintech Australia General Manager, Rehan D’Almeida.
“This is a transformational reform and the banks have had years to establish the systems they need to be compliant,” he further added.