Visa Shutters U.S. Open-Banking Unit Amid Data Access Disputes #
Visa has closed its open-banking business in the United States—a move that reflects rising tensions between banks and fintech firms over access to consumer data and a backdrop of regulatory uncertainty
The U.S. unit previously helped fintechs streamline onboarding and payments by providing access to banking data. Its closure coincides with major banks like JPMorgan Chase and PNC considering or imposing fees for providing access to this data—drawing criticism from fintech leaders who argue that customer data belongs to the consumer, not the banks
Visa confirmed it will now shift its open-banking focus to markets with existing data-sharing mandates—specifically Europe and Latin America. Meanwhile, the CFPB has begun revising open-banking regulations in the U.S., aiming to clarify how consumers can control data-sharing with third-party service providers.