Visa (NYSE:V) closed its U.S. open banking unit, according to a media report published Friday, in the wake of uncertainty over data-sharing rules and potential new fees for customer information.
The payment network’s open banking operations offer technology that lets fintechs and other third parties tap into customer account data, Bloomberg reported, citing people familiar with the matter.
Visa’s (NYSE:V) remains focused on its open banking strategy “in high-potential markets like Europe and Latin America,” a company spokesperson told Bloomberg.
The move follows earlier efforts by the Consumer Financial Protection Bureau to scrap an open-banking measure that gives consumer free access to their data and compels banks to share it with other financial firms for free. Now, though, the CFPB is working to revise the measure.
Visa’s (V) move coincides with JPMorgan Chase’s (JPM) plan to impose fees for access to customer account data, though the two were made separately, the people said, Bloomberg reported.