JPMorgan Chase has finalized deals with major data aggregators such as Plaid, Yodlee, Morningstar and Akoya, securing payments for granting fintech companies access to its customers’ bank account data. This marks a shift from previously free access, as the bank moves to monetize its significant data infrastructure while enhancing security and sustainability in the open banking ecosystem. The agreements followed evolving U.S. regulatory pressures around data sharing under the Consumer Financial Protection Bureau’s interpretation of Section 1033 of the Dodd-Frank Act.
JPMorgan Chase Secures Data-Access Fees From Fintech Firms
