Visa Partners with Tink to Pioneer Open Banking in the US

In a move poised to reshape the financial landscape, Visa has ushered in a new era of open banking in the United States through a strategic collaboration with Tink, a Swedish technology firm acquired by Visa for €1.8 billion in March 2022, according to Finextra.

Open banking, a concept gaining rapid traction globally, empowers consumers to securely share their financial data with trusted third parties, revolutionizing how individuals manage their finances and access innovative services.

Visa’s integration of Tink’s technology into the US market marks a significant milestone, enabling American users to seamlessly connect their accounts and grant authorized entities access to their financial information. This groundbreaking initiative promises to enhance financial transparency, foster competition, and fuel innovation within the banking sector.

In Europe, the partnership between Visa and Tink has already garnered acclaim, securing major collaborations with industry leaders such as Adyen and Revolut. Now, with the US launch, Visa has solidified data access agreements with key players on the merchant side, including Capital One, Fiserv, Jack Henry, Dwolla, and Max rewards, positioning itself at the forefront of the open banking revolution.

Accessible through a unified console, users can leverage the platform to perform a myriad of tasks, ranging from confirming bank account details to conducting real-time balance checks and accessing transaction data from a vast network of banks across the US. This streamlined approach promises unparalleled convenience and efficiency for consumers and businesses alike.

Visa’s CEO, Ryan McInerny, underscores the company’s commitment to driving innovation and fostering financial inclusion, stating, «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.”

Despite the widespread adoption of open banking among US consumers, Visa’s recent survey revealed a glaring gap in awareness, with only 34 percent of respondents recognizing the full spectrum of benefits enabled by open banking services. In response, Visa has embarked on a comprehensive consumer education campaign to illuminate the transformative potential of open banking and empower individuals to harness its advantages.

As Visa and Tink spearhead the open banking movement in the US, the collaboration heralds a new chapter in the evolution of financial services, marked by greater connectivity, transparency, and empowerment for consumers and businesses alike.

Other articles
Danske Bank and United Fintech Forge Strategic Partnership
Stepping Up: The Role of Financial Services in Addressing Climate Concerns
Tuum and TransactionLink Team Up to Transform FinTech Onboarding
Banked and National Australia Bank Partner to Revolutionize A2A Payments
AI Revolution in Financial Reporting: A Comprehensive Insight from KPMG
TranscendAP Emerges as an Independent Leader in AI-Driven Accounts Payable Automation
US Banks Lead in AI Talent Growth
Wipro and Microsoft Team Up to Introduce AI-Powered Virtual Assistants in Financial Services and Mastercard Enhance Payment Solutions for Online Travel Agents
Visa Introduces AI-Driven Fraud Detection Tool to Tackle Enumeration Attacks
Visa and J.P. Morgan Team Up to Accelerate Domestic Payments in the U.S.
Worldline and Google Cloud Forge Strategic Partnership and Alipay+ Unite for Seamless China Payments
Visa Enhances Cross-Border Payment Services in Partnership with AWS
TransferGo Partners with Tink to Introduce «Pay by Bank»