JPMorgan Chase is planning to introduce fees for fintech companies seeking access to its customer bank account data, Bloomberg News reported on Friday, citing sources familiar with the development. The largest U.S. bank has reportedly sent pricing sheets to data aggregators—firms that serve as intermediaries between banks and fintech platforms—outlining new charges. These fees will vary depending on use cases, with payment-oriented apps expected to bear higher costs.
The bank defended the move by pointing to its significant investment in building a secure data infrastructure that safeguards customer information. “We’ve invested significant resources creating a valuable and secure system that protects customer data,” a JPMorgan spokesperson stated. The lender added that it is collaborating with the broader financial ecosystem to ensure that all players are investing in infrastructure that upholds data security.
The announcement sent shockwaves through the fintech sector, where many apps rely on free access to user financial data to operate. The news caused stock prices to drop across the board—PayPal shares fell by 6.3%, Block declined 5.6%, Visa lost 2.82%, and Mastercard slipped by 2.9%, reflecting investor concerns over the potential cost burden and disruption to these companies’ business models.
The new charges are expected to roll out later this year but remain open to negotiation, according to the Bloomberg report. The development comes amid ongoing regulatory tension, with U.S. banking giants like JPMorgan pushing for reduced oversight, challenging the tougher capital rules implemented during President Biden’s administration. The fee plan marks a pivotal shift in how traditional banks are monetizing their infrastructure amid the fintech boom.