JPMorgan to charge fintechs for accessing customer data is a move that’s shaking up the digital finance world. According to a Bloomberg report, the bank has sent pricing details to data aggregators. These aggregators connect banks with fintech apps, allowing them access to consumer bank accounts.
Now, JPMorgan is signaling a shift. It plans to start charging those fintechs for data usage. Payment-focused apps will likely face the highest fees.
The changes reflect JPMorgan’s growing concerns about data security and system investment. A spokesperson noted the firm had invested heavily in safeguarding customer information.
In addition, the bank emphasized the need for all players to contribute to maintaining that infrastructure. Conversations with fintech partners are ongoing. However, the pricing plans suggest a firm direction toward paid access.
JPMorgan to charge fintechs for accessing customer data could significantly impact the business model of popular payment apps. Many rely on free data access to complete transactions efficiently.
Following the announcement, fintech stocks reacted sharply. PayPal dropped 6.3%, while Block lost 5.6%. Visa and Mastercard also declined by over 2.8% each.
The new fees are expected to start later in 2025. However, the final numbers remain subject to negotiations. Industry insiders expect payment services to bear the highest costs under the tiered system.
This shift arrives during a broader push by large U.S. banks to reshape the regulatory landscape. They are pressing for less restrictive rules under President Trump’s administration.
Previously, Biden-era rules demanded tighter capital standards for banks. Now, with different leadership, big lenders are seeking more flexibility. Still, fintech platforms may push back. Many argue that free access enables innovation and helps consumers manage money better.
Despite that, JPMorgan to charge fintechs for accessing customer data signals a clear message. Big banks want control over who accesses their systems—and how much it costs.
The financial sector could face more friction ahead. Yet JPMorgan seems committed to redefining how fintechs interact with traditional banks.
For more business updates, visit DC Brief.
