Visa has shut down its U.S. open-banking unit amid growing disputes between banks and fintechs over customer data access and fees, while redirecting its focus to markets with stronger regulatory frameworks, such as Europe and Latin America. The move comes as major banks, including JPMorgan and PNC, signal plans to charge fintechs for data use, sparking industry backlash and comparisons to “Operation Chokepoint 3.0.” U.S. regulators, led by the Consumer Financial Protection Bureau, are now working on new rules to clarify consumer control over financial data sharing, a gap that has left U.S. open banking far less developed than in Europe.
Visa Closes US Open-Banking Unit As Data Fight Heats Up, Source Says
