(22 August 2025 – United States) Visa has closed its US open banking division, which enabled fintechs to access customer bank account data, Bloomberg reports.
The company will now focus on “high-potential markets like Europe and Latin America.”
The move follows regulatory turbulence. The Consumer Financial Protection Bureau (CFPB) finalised the Personal Financial Data Rights rule last October, granting Americans the right to share their data with third parties. However, in May the new Trump administration began steps to rescind the measure, a move the Financial Technology Association (FTA) criticised as a “handout to Wall Street banks.”
Adding to uncertainty, JP Morgan has reportedly issued pricing sheets to data aggregators signalling plans to charge for access to client account data. Meanwhile, the CFPB has started work on a revised open banking framework.