According to Finextra, this new tool enables US consumers to easily connect their accounts and provide trusted parties access to their financial information.

Users may verify bank account details, check their balances in real time, and get transaction history from many US banks using a single dashboard, among other financial functions.

By utilizing Tink's technology, Visa has simplified and secured open banking to meet the changing demands of both companies and consumers.

Visa wants to transform the US financial scene, and it has already signed data access deals with top banks and FinTech firms.

Financial data from several US banks can now be retrieved by users to confirm bank account information, check their balance in real time, and get transaction history all through a single accessible website.

"We saw opportunity in open banking, so we acquired Tink about two years ago," said 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.

A startling 87 percent of American customers are already using open banking to link their bank accounts with outside businesses, according to a new poll conducted on behalf of Visa.

Even Nevertheless, just 34% of customers are aware of the possibilities made possible by open banking, despite its broad usage. Visa launched a consumer education campaign to fill up this knowledge gap and highlight the many advantages of open banking services.