Visa Launches Open Banking Platform in the U.S.

Visa, the global payment provider, has announced the launch of its open banking platform in the United States, leveraging technology from its recently acquired vendor, Tink. The new product allows users to connect their accounts and grant trusted parties access to their financial data in a seamless and secure manner.

Through a unified console, users can confirm bank account data, conduct real-time balance checks, and retrieve transaction information from numerous banks across the country. Visa’s integration of Tink’s technology aims to cater to the evolving needs of both consumers and businesses, offering a streamlined experience.

Visa CEO Ryan McInerny noted that the company acquired Tink two years ago, seeing significant potential in open banking. Since then, Visa has expanded its presence in Europe, partnering with major companies like Adyen and Revolut. The recent U.S. launch marks Visa’s latest effort to revolutionise the financial landscape.

A recent survey commissioned by Visa revealed that 87 percent of American consumers already use various forms of open banking to connect their financial accounts with third-party services. Despite this high level of adoption, only 34 percent of consumers are aware of the specific capabilities offered by open banking. To address this knowledge gap, Visa has initiated a consumer education campaign to highlight the benefits of open banking services.

With data access agreements already in place with leading banks and fintech companies, Visa’s open banking platform is set to impact the U.S. financial sector significantly. As open banking continues to gain traction, Visa aims to provide a more cohesive and transparent experience for users, promoting greater awareness and adoption of open banking across the United States.