Visa has launched open banking in the US, using technology from recently acquired Swedish vendor Tink.
Visa completed the €1.8 billion acquisition of Tink in March 2022 and has now made it available for US users to connect accounts and provide trusted parties with access to their financial data.
In Europe, the Visa/Tink duopoly has already won deals with Adyen and Revolut. For the US 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.
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 US.
Visa CEO Ryan McInerny states: "Just about two years ago we acquired Tink as we saw opportunity in open banking. Over those two years, we have been expanding our presence in Europe, winning deals with Adyen and Revolut. We’re now expanding open banking solutions through Tink into the United States.”
A recent survey conducted by Visa found that 87 percent of US consumers already use some form of open banking to link their financial accounts to third parties. But with only 34 percent of consumers aware that open banking enables these services, Visa is embarking on a consumer education campaign to highlight the benefits.