The competition watchdog has handed out more than $50,000 in fines to ING bank over missed deadlines and misleading website statements.
The Australian Competition and Consumer Commission alleged ING missed three deadlines for its Consumer Data Right (CDR) rollout and misled consumers on the reliability and security of its service.
The CDR is a program that allows consumers to opt-in to share their institutionally-held data via third parties to get better deals on products or consolidate multiple services in one place.
It is currently available in the energy and banking sectors.
ING said a compatibility issue had forced the bank to temporarily suspend its open banking platform, but this was not reflected on its website.
"While we accept and have paid the fine, not resolving the compatibility issue would have jeopardised our ability to transfer customer data to the open banking ecosystem in a safe and secure manner," an ING spokeswoman told AAP.
"This is not something we were prepared to compromise on, even if it meant falling behind on delivery timelines.
"ING's commitment to open banking remains a key priority for the organisation."
ACCC Commissioner Peter Crone said ING customers were not able to fully benefit from the services of businesses using their CDR data.
"Allowing consumers to share CDR data... is important, especially given current cost of living pressures and rising interest rates," Mr Crone said.
"All CDR participants are warned that any claims about the CDR must be accurate and able to be substantiated, or they risk breaching the Australian Consumer Law, which can attract significant penalties if the ACCC commences court proceedings."
ING said it would continue to work with the ACCC to deliver its remaining open banking capability in 2023.
