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Visa Halts U.S. Open Banking Amid Data Access Conflict

8/23/2025

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Summary

Story summary

Visa has shut down its open-banking operations in the U.S. due to conflicts between banks and fintechs over data access.
Major banks, including JPMorgan Chase and PNC Financial, may charge fees for data access, which fintechs contest.
Visa will concentrate on open banking initiatives in Europe and Latin America, where regulations favor data sharing.
The Consumer Financial Protection Bureau is updating regulations regarding consumer data sharing.

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Story summary

Visa has shut down its open-banking operations in the U.S. due to conflicts between banks and fintechs over data access.
Major banks, including JPMorgan Chase and PNC Financial, may charge fees for data access, which fintechs contest.
Visa will concentrate on open banking initiatives in Europe and Latin America, where regulations favor data sharing.
The Consumer Financial Protection Bureau is updating regulations regarding consumer data sharing.