JPMorgan Chase plans to begin charging fintech firms for access to customer bank account data, potentially disrupting the business models of payment platforms that currently rely on free access to this data. The new fees, detailed in pricing sheets sent to data aggregators and open banking companies, will vary by use case and are expected to impact payment-focused firms the most, with implementation scheduled for later this year. Following the news, shares of prominent fintechs like PayPal and Block fell sharply, signaling market concern over the implications for fintech operations and data accessibility.
JPMorgan Plans to Charge Fintechs for Customer Data – Bloomberg
