At its core, Open Banking is designed to allow customers to share their financial data securely with licensed third parties, enabling smoother account-to-account transfers, streamlined onboarding, and innovative digital services. While Europe has made such access mandatory through its revised Payment Services Directive (PSD2), the US remains a regulatory patchwork.
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Visa retreats from US Open Banking as access battle escalates
“We are focusing our Open Banking strategy in high-potential markets like Europe and Latin America,” a Visa spokesperson said.
