Visa has announced the closure of its open banking business in the United States, a decision disclosed on 23 August 2025. The move follows ongoing disputes between major banks and fintechs regarding data access fees and regulatory requirements for sharing customer information. Visa will continue to operate and invest in its open banking activities in Europe, including the UK, where regulatory frameworks already mandate secure data sharing and facilitate faster bank-based withdrawals. [Source]
The now-shuttered US unit had enabled fintechs to access bank account data, streamlining processes such as customer sign-ups and instant money transfers. Recent developments saw JPMorgan Chase notify fintech partners of new data access fees starting July 2025, with PNC Financial expressing similar intentions. Banks argue that these fees are necessary to offset costs associated with safeguarding and delivering customer data. In contrast, fintech firms claim such charges could negatively impact their operations by raising barriers to consumer-owned information.
Europe presents a markedly different landscape due to regulatory measures like PSD2, which require banks to provide licensed third parties with access to customer data with consent—supporting innovations such as ‘pay by bank’ for rapid withdrawals. This environment helps maintain withdrawal speed and competitiveness among UK gambling operators and payment providers. As Visa stated, “We are focusing our open banking strategy in high-potential markets like Europe and Latin America.”
For US firms, the regulatory environment is changing but remains uncertain. The Consumer Financial Protection Bureau has begun revising rules on data control, reflecting a growing emphasis on consumer rights and data privacy. Industry observers, such as Alex Rampell of Andreessen Horowitz, have expressed concerns about rising fees, comparing recent moves to “Operation Chokepoint 3.0.”
| Region | Key Regulation | Open Banking Status |
|---|---|---|
| United States | No unified mandate; fees under discussion | Visa US unit closed |
| Europe (UK included) | PSD2 requires data sharing | Visa continues investment |
| Latin America | Emerging regulatory focus | Visa investing |
The evolving regulatory context in Europe, and especially the UK, may encourage local operators to further improve payout speeds and transparency to remain competitive as fintech-bank relationships develop. For players interested in understanding payout options and regulatory changes, see the following resources:
