Visa has reportedly shuttered its US open banking unit, according to a report by Bloomberg, which cites unnamed sources familiar with the matter.
The open banking business was first introduced to the US market by Visa in April 2024, following the company’s €1.8 billion acquisition of Swedish open banking platform Tink, completed in March 2022. The offering is designed to allow third parties, including fintechs, to access banking data, payments data, and other financial information with customer permission.
However, according to a statement from a Visa spokesperson reported by Reuters, the company is now “focusing our open banking strategy in high-potential markets like Europe and Latin America”. Visa did not return FinTech Futures’ request for comment.
The move by Visa to discontinue open banking in the US and focus on other markets comes as the Consumer Financial Protection Bureau (CFPB) issued an advanced notice of proposed rulemaking on 22 August seeking public comment on potential revisions to the US Personal Financial Data Rights rule, which was originally finalised in late 2024 and took effect on 17 January this year.
Despite this external development, the exact force behind the reported decision by Visa to
Source: https://www.fintechfutures.com/
