Plaid, an American financial services company based in San Francisco, has agreed to pay JPMorgan Chase for access to consumer data, updating their data-sharing pact with a set fee structure after years of tension between banks and fintechs. While the exact pricing was undisclosed, both firms emphasized that the deal guarantees consumers secure, consistent access to their financial information without changing Plaid’s existing customer agreements. The accord also halted a pending lawsuit from fintechs over JPMorgan’s proposed fees, highlighting the broader regulatory and legal battles surrounding the Consumer Financial Protection Bureau’s open banking rule and the future of U.S. data-sharing practices.
Plaid to Pay JPMorgan for Customer Data Amid Industry Feud
