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Visa maintains a separate Open Banking Privacy Notice applicable in jurisdictions where open banking services are available; users in other regions are redirected to the Global Privacy Notice.
This analysis describes what Visa's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
The Open Banking Privacy Notice governs a distinct set of data practices associated with open banking services, which involve access to financial account data and third-party data sharing under regulatory frameworks that differ from standard payment card data processing.
Interpretive note: The specific data categories, sharing arrangements, and user rights in the Open Banking Privacy Notice are not summarized in this document and require review of that notice directly.
Under this provision, users accessing Visa's open banking products in eligible jurisdictions are subject to a separate privacy notice that may address data sharing with third-party financial providers, financial account access permissions, and rights specific to open banking regulatory frameworks in their region.
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"Open Banking Privacy Notice (Please note open banking is only available in certain countries. If open banking is not available in your region, you will be redirected to the Visa Global Privacy Notice.)Excerpt from Visa's Privacy Notice
(1) REGULATORY LANDSCAPE: Open banking data practices engage sector-specific regulatory frameworks including PSD2 and its associated regulatory technical standards in the EEA and UK, the Consumer Financial Protection Bureau's open banking rulemaking in the U.S. under Dodd-Frank Section 1033, and equivalent frameworks in other jurisdictions where open banking is active. The CFPB and EEA national competent authorities are the primary regulators. (2) GOVERNANCE EXPOSURE: High for jurisdictions with active open banking regulation. Open banking data sharing involves access to financial account transaction data, account identifiers, and balance information, which are subject to heightened security, consent, and access control requirements. (3) JURISDICTION FLAGS: EEA and UK create the highest regulatory exposure under PSD2 and UK open banking standards. The U.S. is developing a federal open banking framework under CFPB rulemaking that may impose additional requirements. Australia's Consumer Data Right framework is also relevant. (4) CONTRACT AND VENDOR IMPLICATIONS: Third-party providers accessing Visa's open banking infrastructure should confirm that the Open Banking Privacy Notice and any associated data sharing agreements satisfy applicable regulatory requirements for third-party access, consent, and data minimization in each relevant jurisdiction. (5) COMPLIANCE CONSIDERATIONS: Compliance teams in EEA, UK, Australia, and the U.S. should review the Open Banking Privacy Notice separately for each jurisdiction to confirm that consent mechanisms, data access logs, and third-party sharing disclosures satisfy applicable sector-specific requirements.
The Open Banking Privacy Notice governs a distinct set of data practices associated with open banking services, which involve access to financial account data and third-party data sharing under regulatory frameworks that differ from standard payment card data processing.
Under this provision, users accessing Visa's open banking products in eligible jurisdictions are subject to a separate privacy notice that may address data sharing with third-party financial providers, financial account access permissions, and rights specific to open banking regulatory frameworks in their region.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Visa.