JPMorgan Plans to Charge Fintechs for Customer Data

The Largest US Bank Has Sent Pricing Sheets to Data Aggregators, Outlining the New Charges

- Bloomberg

JPMorgan Chase & Co. has told financial-technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to their customers' bank account information—a move that threatens to upend the industry's business models.

The largest US bank has sent pricing sheets to data aggregators—which connect banks and fintechs—outlining the new charges, according to people familiar with the matter. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies, the people said, asking not to be identified discussing private information.