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Visa, Mastercard split on open banking

June 8, 2023

In the rivalry between the two biggest U.S. card companies, Mastercard is betting on the rise of the open banking trend while Visa is less persuaded it will take off.

The companies’ diverging views of the trend, which envisions consumers sharing more data across banks with new software tools, was underscored last week during presentations by the companies’ chief financial officers at an investor conference.

The open banking trend was tipped off in Europe by the central bank’s 2016 update to the Payment Services Directive, also known as PSD2. The effects of that move have been seeping over to the U.S. market as well.

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