JPMorgan Chase Wins Fight With Fintech Firms Over Fees To Access Customer Data

According to CNBC, JPMorgan Chase has secured deals ensuring it will get paid by the fintech firms responsible for nearly all the data requests made by third-party apps connected to customer bank accounts. From the report: The bank has signed updated contracts with the fintech middlemen that make up more than 95% of the data pulls on its systems, including Plaid, Yodlee, Morningstar and Akoya, according to JPMorgan spokesman Drew Pusateri. "We've come to agreements that will make the open banking ecosystem safer and more sustainable and allow customers to continue reliably and securely accessing their favorite financial products," Pusateri said in a statement. "The free market worked."

The milestone is the latest twist in a long-running dispute between traditional banks and the fintech industry over access to customer accounts. For years, middlemen like Plaid paid nothing to tap bank systems when a customer wanted to use a fintech app like Robinhood to draw funds or check balances. [...] After weeks of negotiations between JPMorgan and the middlemen, the bank agreed to lower pricing than it originally proposed, and the fintech middlemen won concessions regarding the servicing of data requests, according to people with knowledge of the talks.

Fintech firms preferred the certainty of locking in data-sharing rates because it is unclear whether the current CFPB, which is in the process of revising the open-banking rule, will favor banks or fintech companies, according to a venture capital investor who asked for anonymity to discuss his portfolio companies. The bank and the fintech firms declined to disclose details about their contracts, including how much the middlemen agreed to pay and how long the deals are in force.

The CFPB

[usedtobestine]

...because it is unclear whether the current CFPB, which is in the process of revising the open-banking rule, will favor banks or fintech companies...

There's one problem. The CFPB should be protecting consumers and not either of these types of corporations.

Re:

[hebertrich]

Under the US republican government , anything that protects consumers or favors them is to be eliminated. They just eliminated traveller compensation when airlines leave em dry. So CFPB will rule according to what is in the best interest of banks.

Re:

[stabiesoft]

Fintech was probably smart to lockin. After all how do they know how much banks donated for the ballroom vs what they donated. And CFPB will rule in favor of the biggest kiss.

Re:

[gkelley]

Recent reports indicate that the CFPB will run out of money shorty and will be closed. Can't be spending money to harm our precious companies. Russ Vought is working on shutting it down - https://prospect.org/2025/11/1... [prospect.org]

Good

[registrations_suck]

Screw the freeloader "fintech" companies.

Re:

[Growlley]

I am old school conservative on this issue - Lamp posts and piano wire.

Of course JPM was going to win

[Big Hairy Gorilla]

We got what you want. Guess what? You ain't Joe Sixpack. You are using our servers on an industrial scale. APIs ain't free to run, either.

its already dead

[Venova]

what cfpb? its alive in name only afaik at this point; the right likes vulnerable americans to remain vulnerable to predatory scams and unfair contracts they hated it from the start

Explain like I'm five :o

[Mirnotoriety]

“JPMorgan Chase, the biggest U.S. bank by assets, has secured deals ensuring it will get paid by the fintech firms responsible for nearly all the data requests made by third-party apps connected to customer bank accounts, CNBC has learned.”

Is JPMorgan Chase selling confidential customer data to fintech firms?

Re:

[registrations_suck]

As well as porn!