ING Bank fined for allegedly missing CDR deadlines – finance – software

ING Bank has paid Australia’s Competition and Consumer Commission (ACCC) $53,280 in penalties for allegedly missing deadlines related to consumer data law (CDR).

The mandatory government system in both the banking and energy sectors aims to allow consumers to control and use the data companies hold about them for their own benefit.

The ACCC alleged that ING Bank missed three deadlines and misled consumers by making a statement on its website about the reliability and security of its CDR service. The statement has since been removed.

ING Bank was listed as a data holder on December 1st this year and has yet to be listed as an accredited data recipient.

The ACCC claimed that ING Bank missed some deadlines for sharing consumer data by nine or 10 months. It also allegedly missed a more recent deadline for sharing data on joint accounts.

This was announced by an ING spokesman itnews The bank “has approached the delivery of this program to Australian bank customers with the best of intentions”.

“More recently, however, our delivery commitments have been delayed mainly due to an unforeseen technical compatibility issue that emerged as the requirements of the open banking regime evolved.

“This problem is now solved.”

The ING spokesman added that while the fines had been paid, “not resolving the compatibility issue would have jeopardized our ability to securely transfer customer data to the open banking ecosystem.”

“We weren’t willing to compromise, even if it meant delaying delivery times.”

The spokesperson added that he will continue to “work with the ACCC and we have a plan to deliver the remaining open banking capabilities in 2023.”

Deadlines and Compliance

Last year itnews reported that nearly a third of Australia’s mid-market credit unions, building societies and other institutions were not Open Banking and CDR compliant, while others were compliant on paper but had systems that actually didn’t work.

Resource capacity and technical challenges in implementing Australia’s complex open banking system were identified as key challenges.

The ACCC has a CDR sandbox designed to help banks and businesses test that their systems are compliant with open banking standards.

The free service allows participants to test their own test data in mock-trial solutions created by the ACCC, or to share test data with other program participants.

https://www.itnews.com.au/news/ing-bank-fined-for-allegedly-missing-cdr-deadlines-589231?utm_source=feed&utm_medium=rss&utm_campaign=iTnews+ ING Bank fined for allegedly missing CDR deadlines – finance – software

Callan Tansill

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