JPMorgan Chase Charges Fintechs for Data Access
November 19, 2025, 9:36 am
Location: United States, Utah, Salt Lake City
Employees: 501-1000
Founded date: 2013
Total raised: $1.29B
JPMorgan Chase struck deals with fintechs like Plaid and Yodlee for customer data access. The bank will receive payments. Fintech firms initially got free access. The move could reshape open banking. Other banks may follow suit."
JPMorgan Chase will charge fintech companies for customer data access. Deals are in place with major data aggregators. Plaid, Yodlee, Morningstar, and Akoya are included. This marks a shift in open banking.
JPMorgan Chase (JPM) secured deals with fintech firms. The bank will get paid for customer data access. Third-party apps use this data. These apps connect to bank accounts.
Agreements were reached with Plaid, Yodlee, Morningstar, and Akoya. Drew Pusateri, a JPMorgan Chase spokesperson, confirmed the deals. These aggregators handle most data requests.
Negotiations took weeks. JPMorgan lowered its initial pricing. Fintech firms won concessions on data request servicing. The deal's specifics remain confidential. Payment amounts and deal durations are unknown.
The CFPB finalized an "open-banking rule" in 2024. It required banks to share customer data for free. Banks sued, challenging the rule. The Trump administration supported vacating the rule.
JPMorgan began charging for data access. This move impacted fintech firms. Some accused the bank of anti-competitive behavior. They feared it would hurt innovation.
The agreements alter the bank-fintech dynamic. More banks may charge for data access. This could create barriers for startups. Consumers might face higher costs.
The CFPB is revising the open-banking rule. Its stance on banks versus fintechs is unclear. Fintech firms seek certainty in data-sharing rates.
Plaid and JPMorgan highlighted customer continuity. The Financial Technology Association criticized the fees. They called it anti-competitive and anti-innovation.
The JPMorgan deals exploit regulatory uncertainty. Big banks use market power, according to critics. They urge the Trump Administration to prohibit data access fees.
Brian Shearer, Vanderbilt Policy Accelerator, noted JPMorgan's leadership. Other major banks may follow. The debate continues in courts and the public sphere. The deals reshape open banking's future.
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JPMorgan Chase Charges Fintechs for Data Access
JPMorgan Chase will charge fintech companies for customer data access. Deals are in place with major data aggregators. Plaid, Yodlee, Morningstar, and Akoya are included. This marks a shift in open banking.
Fintech Fees: A New Era
JPMorgan Chase (JPM) secured deals with fintech firms. The bank will get paid for customer data access. Third-party apps use this data. These apps connect to bank accounts.
Key Players Agree
Agreements were reached with Plaid, Yodlee, Morningstar, and Akoya. Drew Pusateri, a JPMorgan Chase spokesperson, confirmed the deals. These aggregators handle most data requests.
Negotiations and Concessions
Negotiations took weeks. JPMorgan lowered its initial pricing. Fintech firms won concessions on data request servicing. The deal's specifics remain confidential. Payment amounts and deal durations are unknown.
Background: Open Banking Rule
The CFPB finalized an "open-banking rule" in 2024. It required banks to share customer data for free. Banks sued, challenging the rule. The Trump administration supported vacating the rule.
JPMorgan's Stance
JPMorgan began charging for data access. This move impacted fintech firms. Some accused the bank of anti-competitive behavior. They feared it would hurt innovation.
Industry Impact
The agreements alter the bank-fintech dynamic. More banks may charge for data access. This could create barriers for startups. Consumers might face higher costs.
CFPB's Role
The CFPB is revising the open-banking rule. Its stance on banks versus fintechs is unclear. Fintech firms seek certainty in data-sharing rates.
Reactions
Plaid and JPMorgan highlighted customer continuity. The Financial Technology Association criticized the fees. They called it anti-competitive and anti-innovation.
Regulatory Uncertainty
The JPMorgan deals exploit regulatory uncertainty. Big banks use market power, according to critics. They urge the Trump Administration to prohibit data access fees.
Looking Ahead
Brian Shearer, Vanderbilt Policy Accelerator, noted JPMorgan's leadership. Other major banks may follow. The debate continues in courts and the public sphere. The deals reshape open banking's future.
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