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.