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JPMorgan to implement new fees for fintech access

New fees for fintech intermediaries may begin as soon as October 2024.

July 28, 2025 at 06:15 PM

JPMorgan says fintech middlemen like Plaid are ‘massively taxing’ its systems

JPMorgan plans to charge fintech middlemen new fees for customer data access.

JPMorgan to impose new fees on fintech data access

JPMorgan Chase is set to implement new fees for fintech middlemen like Plaid and MX, citing rising costs associated with managing customer data requests. Jamie Dimon, the bank's CEO, expressed concerns about the overwhelming volume of data requests from these firms, which are often not initiated by customers. An internal memo revealed that only 13% of nearly 1.9 billion data requests in June were tied to actual transactions. The majority served various purposes, including product improvements and data harvesting, raising questions about the efficiency and necessity of these requests. The new fees, which could begin in October, may disrupt the fintech landscape, which has thrived on free access to banking data under the open banking rule introduced by the Consumer Financial Protection Bureau during the previous administration.

Key Takeaways

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JPMorgan plans to charge fintech middlemen for data access fees.

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Only 13% of data requests were for actual transactions.

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The bank cites system strain from excessive data requests.

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New fees could begin as early as October 2024.

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Ongoing negotiations could reshape the fintech landscape.

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The open banking rule may face changes due to regulatory pressures.

"Aggregators are accessing customer data multiple times daily, even when the customer is not actively using the app."

A JPMorgan employee highlights the frequency of unnecessary data requests, emphasizing system strain.

"The majority of data pulls were for purposes ranging from helping fintech companies improve their products to harvesting data for sale."

A source outlines how fintech firms utilize data requests beyond transaction needs.

"These access requests are massively taxing our systems."

Jamie Dimon's comment reflects the bank's frustration with rising operational costs linked to data access.

This move by JPMorgan highlights a growing tension between traditional banks and the fintech sector. As these middlemen face increased operational costs, questions arise about the sustainability of a free data access model that has fueled innovation in financial technology. The potential disruption could force fintech companies to reevaluate their business strategies, with consumers possibly bearing the brunt of these new fees. Furthermore, this action signals a shift in the regulatory environment, suggesting a tighter grip on data access that could stifle the growth of new entrants in the market.