Is it allowed for U.S. consumers to initiate payments directly from their bank accounts using third-party apps without bank approval?

Last updated on October 3, 2025

Yes, it is allowed under the CFPB’s Open Banking rule finalized in October 2024. Consumers can authorize third-party apps to initiate payments from their accounts without needing separate bank approval. This provision supports “pay-by-bank” services and increases consumer control over payment methods.

https://privacymatters.dlapiper.com/2024/11/cfpb-finalizes-open-banking-rule-under-section-1033-key-takeaways-for-accessing-consumer-financial-data/

11/1/2024