JPMorgan to Charge Fintechs for Data Access | JQJO

JPMorgan Chase is implementing fees for fintech companies accessing its systems due to excessive data requests. An internal memo revealed that only 13% of 1.89 billion June data requests were customer-initiated transactions. The bank cites significant system strain and escalating maintenance costs. Negotiations are underway, with fees potentially starting in October. This move follows the CFPB's support of a lawsuit aiming to overturn the 'open banking' rule, which mandated free data access. The change could disrupt the fintech ecosystem, impacting services offered by companies like Plaid and MX.