Visa, a global payment provider, has announced the launch of its open banking offering in the US, through its recently acquired vendor Tink.
This new product enables US users to seamlessly connect their accounts and grant trusted parties access to their financial data, according to Finextra.
Available through a unified console, users can perform various financial tasks, including confirming bank account data, conducting real-time balance checks, and retrieving transaction information from numerous banks across the US.
Visa’s integration of Tink’s technology allows for a streamlined and secure open banking experience, catering to the evolving needs of consumers and businesses.
With data access agreements already in place with leading banks and FinTech companies, Visa aims to revolutionise the US financial landscape.
Accessible through a unified platform, individuals can currently retrieve financial information to verify bank account details, conduct real-time balance inquiries, and obtain transaction records from a multitude of banks spanning the United States.
According to a recent survey commissioned by Visa, a staggering 87 percent of American consumers are already utilising various forms of open banking to connect their financial accounts with third-party services.
However, despite the widespread adoption, only 34 percent of consumers are aware of the capabilities enabled by open banking. In response to this knowledge gap, Visa has initiated a consumer education initiative aimed at illuminating the myriad benefits of open banking services.
