Visa Abandons Open Banking in US as Data-Access Debate Rages

Visa Inc. shut its open-banking business in the US amid regulatory uncertainty about consumer-data rights and the prospect of higher fees for customer information, according to people familiar with the matter.

The payments company has closed its open-banking operations, which provide technology to help third parties such as financial-technology firms access customer-account data, the people said, asking not to be identified discussing a private matter.

The decision comes as the fate of a rule banning banks from charging for access to their customers’ data hangs in the balance. Under President Donald Trump, the Consumer Financial Protection Bureau had ...