Visa Ends U.S. Open-Banking Operations, Citing Regulatory Uncertainty

Visa has decided to discontinue its open-banking initiatives in the U.S., Bloomberg reported, citing regulatory uncertainty and potential new costs linked to customer account data.

The services, designed to allow third parties such as fintech firms to access consumer banking data, have now been halted.

According to sources, the decision comes as the Consumer Financial Protection Bureau continues to review and update open-banking regulations. These rules govern consumer data access and banks’ obligations to share information without charges. A Visa spokesperson said the company will redirect its open-banking focus toward Europe and Latin America, which it considers higher-growth markets. The decision follows earlier developments in the sector, including JPMorgan Chase’s plan to impose fees for data access and Visa’s past attempts to expand in open banking through acquisitions of Plaid and later Tink.