Visa Halts US Open-Banking Unit as Data Access Fight Deepens

Visa Inc. has shut its open-banking operations in the United States, citing continuing disputes over access to consumer data and the potential for higher charges on customer information. The decision ends the card network’s push to let third-party fintechs retrieve bank data on behalf of users, a service Visa had promoted as central to expanding digital payments. People familiar with the matter said the retreat reflects growing regulatory uncertainty surrounding consumer-data rights. U.S. authorities are still working on rules that would govern how financial companies share customer information with technology providers, leaving firms exposed to legal and cost risks.