Financial sector news

Visa abandons open banking in the US and refocuses its strategy

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  • Source: Finextra

Visa has announced the closure of its US division specializing in open banking services. The decision is due to regulatory changes and the intentions of large banks to introduce fees for access to customer data.

Previously, the company provided fintech startups and other market participants with tools for working with users' banking information, but after the change of administration in Washington, the rules of access underwent a transformation. While in 2024 the Consumer Financial Protection Bureau (CFPB) enshrined the right of users to share their data with third parties, this rule was repealed in 2025.

The innovation has been criticized by fintech associations but has received support from major banks, including JP Morgan.
Under the new conditions, Visa plans to develop open banking in European and Latin American markets with a more predictable regulatory environment.

Meanwhile, the CFPB has already begun preparing an updated concept of open banking.

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