Dec 14, 2019

Venmo and PNC Bank fight for users' data

In this image, someone holds a smartphone with the Venmo logo displayed

The Venmo logo. Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

When PNC bank customers had difficulty connecting their accounts to Venmo, the peer-to-peer payment app, both companies blamed each other for the issue, the Wall Street Journal reports.

Why it matters: "The skirmish is part of a war over access to customer financial data," WSJ's Yuka Hayashi writes. Fintech and digital payment companies argue that they "need access to customers’ account information held by banks and other traditional financial companies. To protect their own turf, banks and brokerage firms have resisted," she reports.

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