A penalty of $53,280 has been paid by ING Bank to the Australian Competition and Consumer Commission (ACCC) for allegedly missing dates pertaining to the consumer data right (CDR).
The mandatory government programme in the banking and energy industries is intended to provide customers control over and access to the information that firms retain about them for their own gain.
The ACCC alleged that ING Bank missed three deadlines and deceived customers by posting a false statement regarding the security and dependability of its CDR service on its website. Since then, the statement has been taken down.
However, “not fixing the compatibility issue would have jeopardised our ability to transmit client data to the open banking environment in a safe and secure manner,” the ING representative said, adding that the fines have been paid.
Even if it meant missing delivery deadlines, this was not something we were willing to compromise on.
The company would “cooperate with the ACCC and we have a plan in place to offer the remaining open banking features in 2023,” the statement continued.
Key issues with implementing Australia’s intricate open banking policy were noted as resource capacity and technical difficulties.
To help banks and businesses determine whether their systems adhere to open banking norms, the ACCC has created a CDR Sandbox.
Participants can use the free service to exchange test data with other scheme participants or test their own test data in mock trial solutions developed by the ACCC.
