FinTech Australia asserts ING systems upgrade may breach open banking rules


Share post:

Fintech Australia and the Financial Data and Technology Association (FDATA) are requesting that Australia’s competition regulator intervene in ING Bank’s planned upgrade to a system related to Open Banking.

The consumer data right (CDR) system, which governs how bank customers can choose to share their data with third party providers, is being replaced by ING. This could put ING in violation of the CDR rules, according to FinTech Australia and the local branch of international organization FDATA.

The organizations say in a joint statement that the migration, which is scheduled to take place on February 8, will invalidate all current data sharing agreements. The statement also asserts that not all accredited providers (ADR) or third parties were informed of the change, which caused them to scramble to update their platforms.

Read More: FinTech Australia says ING systems upgrade may breach open banking rules

TalkFintech Bureau
TalkFintech Bureau
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.


Please enter your comment!
Please enter your name here


Related articles

GOBankingRates Is Helping Americans Save More Ahead of National Savings Day

Many Americans strive to save more money but aren't actually taking the steps necessary to do so. GOBankingRates wants...

MassChallenge Announces Open Call for FinTech Startups to Apply for the 2024 FinTech Program

MassChallenge FinTech offers applications for its sixth FinTech accelerator program. It provides a comprehensive curriculum paired with personalized...

SEI Launches Enhancements to Advisor Technology Suite

SEI® today announced the launch of enhanced technology capabilities in its Investor Portal, a white-labeled solution within SEI Connect...

RiverStone International to Drive Investment Strategy with Clearwater Analytics

Clearwater Analytics , a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that...