NEW YORK — July 28, 2025 —
JPMorgan Chase has rattled the financial technology sector with its decision to begin charging fintech companies for access to customer financial data—an unprecedented move that critics say could destabilize business models and reshape the open banking landscape in the United States.

The country’s largest bank has already distributed rate sheets to data aggregators and fintechs that have long operated under the assumption that bank customer data would be freely accessible through APIs. The decision has prompted alarm across the industry, with many startups warning the new fees could exceed their annual revenues and force them to either shut down or pass costs onto consumers.

“This is a direct threat to competition,” said Steve Boms, executive director of the Financial Data and Technology Association. “The cost of accessing Chase data alone would account for 60% to over 100% of annual revenue for some of our members. That’s from just one bank.” Continue reading JPMorgan Sparks Industry Backlash with Plans to Charge Fintechs for Customer Data Access →