After paying €1.8 billion to acquire Tink in March 2022, Visa has allowed users to link their accounts and grant trusted parties access to their financial information.

The Visa/Tink monopoly has already secured agreements with Adyen and Revolut in Europe. Visa has negotiated data access agreements with Capital One, Fiserv, Jack Henry, Dwolla, and Max Rewards, among other banks and fintechs, for the US debut.

Users can already access financial data to verify bank account information, perform real-time balance checks, and retrieve transaction data from thousands of US banks all through a single platform.

"We saw opportunity in open banking, so we acquired Tink about two years ago," says Ryan McInerny, CEO of Visa. We have been increasing our footprint in Europe over the past two years by securing agreements with Adyen and Revolut. Through Tink, we are now bringing open banking products to the US market.

According to a recent Visa survey, 87% of US consumers already connect their bank accounts to other parties through open banking. However, just 34% of customers are aware that these services are made possible by open banking, therefore Visa is launching a consumer education campaign to emphasize the advantages.