Visa is shifting its open banking focus overseas, moving away from the U.S. market to concentrate on “high-potential regions like Europe and Latin America,” according to a company spokesperson.
The move follows Bloomberg’s report, citing unnamed sources, that Visa has shuttered its U.S. open banking unit.
Visa first introduced open banking to the U.S. in April 2024, leveraging its €1.8 billion acquisition of Swedish platform Tink completed in March 2022. The service was designed to let third parties, including fintechs, access banking, payments, and financial data with customer consent.
According to a statement from a Visa spokesperson, the company is now “focusing our open banking strategy in high-potential markets like Europe and Latin America”.
While the decision comes as the Consumer Financial Protection Bureau (CFPB) seeks public input on potential revisions to the U.S. Personal Financial Data Rights rule, finalized in late 2024, the exact reasons behind Visa’s withdrawal remain unclear.
Visa did not respond to FinTech Futures’ request for additional comment.
