SAN FRANCISCO—Visa is reporting it has launched open banking in the U.S., using technology from recently acquired Swedish vendor Tink.
As CUToday.info reported, Visa first acquired of Tink in 2021. It has now made it available for U.S. users.
“In Europe, the Visa/Tink duopoly has already won deals with Adyen and Revolut. For the U.S. launch, Visa has signed data access agreements with banks and fintechs on the merchant side, including Capital One, Fiserv, Jack Henry, Dwolla and Max rewards,” Finextra reported.
Available via a single console, user can currently access financial data to confirm bank account data, run real-time balance checks and fetch transaction data from thousands of banks across the U.S., according to the report.
“A recent survey conducted by Visa found that 87% of U.S. consumers already use some form of open banking to link their financial accounts to third parties. But with only 34% of consumers aware that open banking enables these services, Visa is embarking on a consumer education campaign to highlight the benefits,” Finextra added.
As CUToday.info has been reporting, open banking is becoming closer to being a reality in the U.S. market, with the CFPB taking several steps in recent years to pave the way.
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