In a bold and controversial move, JPMorgan Chase has begun slapping massive new fees on fintechs for accessing consumer banking data—charges that could fundamentally reshape the financial technology landscape.
For years, fintechs have relied on consumer data from traditional banks to power services like money transfers, budgeting, and investment tracking. Companies like Plaid and MX have built billion-dollar businesses by acting as bridges between banks and up-and-coming financial apps. Historically, banks—including JPMorgan—provided this data access for free.
Not anymore. Continue reading JPMorgan’s Data Fee Bombshell Could Cripple Fintechs—and Reshape the Future of Open Banking