Visa, a global leader in payment services, has unveiled its open banking offering in the United States following its recent acquisition of Tink.
This new solution enables users in the US to seamlessly link their accounts and authorize trusted entities to access their financial information, as reported by Finextra.
Accessible through a unified interface, users gain the ability to perform various financial activities, including verifying bank account details, conducting real-time balance checks, and retrieving transaction data from numerous banks across the US.
Visa’s integration of Tink’s technology ensures a smooth and secure open banking experience, addressing the evolving needs of consumers and businesses alike.
With existing data access agreements in place with major banks and FinTech firms, Visa aims to transform the financial landscape in the US.
Users can access financial information through a centralized platform, enabling them to verify bank account details, conduct real-time balance inquiries, and retrieve transaction records from multiple banks nationwide.
Ryan McInerny, CEO of Visa, commented, “Almost two years ago, we acquired Tink recognizing the potential of open banking. In the intervening period, we have expanded our presence in Europe, securing partnerships with Adyen and Revolut. Now, we’re bringing open banking solutions powered by Tink to the United States.”
According to a recent survey commissioned by Visa, a remarkable 87 percent of American consumers are already utilizing various forms of open banking to connect their financial accounts with third-party services.
However, despite its widespread adoption, only 34 percent of consumers are aware of the full range of capabilities offered by open banking. In response to this gap in knowledge, Visa has launched a consumer education initiative aimed at highlighting the numerous benefits of open banking services.
Source: fintech.global
