Fintechs Will Be Charged by JPMorgan Chase for Accessing Customer Data.

2025-07-15

A New Fee Structure for Fintechs

JPMorgan Chase may soon introduce a fee structure that fintech companies like PayPal and Block would have to pay if they wish to access banking customers’ data. This move could significantly impact the U.S. financial services industry.

The digital banking era has seen a surge in partnerships between banks, credit unions, and third-party financial technology firms. These collaborations range from monitoring credit scores to facilitating crypto transactions. Much of this success is attributed to free access to customer data, which fintechs have utilized for their operations.

Pricing Sheets Issued by JPMorgan Chase

According to Bloomberg, Chase has been distributing pricing sheets to data aggregators such as Plaid. These documents outline the proposed charges for accessing customer data based on its usage, with higher fees applied to payments processing activities.

The Implications of This Move

Charging fintechs potentially large sums could have far-reaching effects. Critics argue that this shift might undermine the open banking model’s core principles and stifle innovation within the industry. The concept of open banking revolves around third-party providers having unrestricted access to consumer data, enabling customers to switch banks as easily as they change subscriptions.

This approach aims to increase transparency in how customer data is used while fostering competition among financial institutions. However, opponents raise concerns about security and the responsibility for protecting this data, citing incidents like Synapse’s failure, where around $85 million was frozen due to issues with fintech partnerships.

Regulatory Developments

The U.S. Consumer Financial Protection Bureau (CFPB) has recently implemented rules under Section 1033 of the Dodd-Frank Act, which requires banks to share data freely with other financial services providers. However, the future of these regulations is uncertain.

Major banks are actively reassessing their fintech partnerships in light of this regulatory environment. Chase maintains that it supports sharing customer data as long as it’s done appropriately and notes that the fee structure remains open to negotiation.