Visa shutters US open-banking unit as data fight heats up, Bloomberg News reports
Aug 22 (Reuters) - Payments processor Visa V.N has shut its open-banking business in the United States, Bloomberg News reported on Friday, citing people familiar with the matter.
The business gives fintechs easier access to customer bank data, helping them offer smoother sign-ups and money transfers.
Disputes between banks and fintechs over access to customer data have fueled uncertainty in the sector.
A Bloomberg report in July said JPMorgan Chase JPM.N had informed fintechs they would have to pay potentially hefty fees to access its customer data. PNC Financial PNC.N CEO Bill Demchak has also said his bank was considering such a move.
Banks say such fees are necessary to recoup the cost of safeguarding and delivering customer data, while fintechs argue that banks should not be allowed to charge for data that belongs to customers, and the fees would slam their business.
On Thursday, the U.S. Consumer Financial Protection Bureau kicked off a rewrite of its regulations governing consumer control over the sharing of their personal data between banks and fintechs.
Visa did not immediately respond to a Reuters request for comment on the Bloomberg report.
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