According to natlawreview.com, the DOJ Antitrust Division says Plaid is developing a payments platform that would challenge Visa’s monopoly, which generates billions of dollars in transaction fees.
According to the DOJ, Plaid’s technology allows developers to plug into consumers’ financial accounts, with their permission, to aggregate spending data, look up balances, and verify other personal financial data. Because it accesses data on behalf of many customers, it has become an important data aggregation company in the United States.
The case was brought in the US District Court for the Northern District of California under Section 2 of the Sherman Act and Section 7 of the Clayton Act.
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