Visa has shuttered its open-banking business in the United States, according to a source familiar with the matter, as tensions mount between banks and fintechs over access to customer data, Reuters has learned.
The unit provides tools to fintechs for easier access to bank data, helping them offer smoother sign-ups and money transfers. However, disputes between banks and fintechs have fueled doubts about the future of open banking.
„We are focusing our open banking strategy in high-potential markets like Europe and Latin America,” a spokesperson for Visa said in a statement.
Open banking has gained traction in Europe, where regulators required banks to share data with licensed third parties, but the U.S. lacks such rules, leaving adoption to private agreements.
However, efforts to clarify the framework in the U.S. are underway. On Thursday, the Consumer Financial Protection Bureau kicked off a rewrite of its regulations governing consumer control over the sharing of their personal data between banks and fintechs.
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
