Fintech firms aiming to access bank customers’ data may need to pay, as reported by Bloomberg regarding JP Morgan’s new policy.
According to the report, JP Morgan plans to implement fees for companies seeking access to its clients’ bank account data, and has begun distributing pricing sheets to data aggregators—intermediaries that connect banks with fintechs. These fees will differ based on use cases, with companies in the payments sector likely facing the highest charges.
A JP Morgan spokesperson noted, “We’ve invested significant resources into creating a valuable and secure system that protects customer data.” They emphasized ongoing collaboration with the ecosystem to ensure necessary investments in infrastructure that keep customers safe.
The proposed fees are expected to be introduced later this year, pending negotiations. If enacted, this would notably impact payment processing platforms and other fintechs that depend on free access to customer data.
While banks in the US are advocating for lighter regulations, it remains uncertain whether similar measures will be applicable in other regions, particularly the EU, where free access to data is central to the open banking framework. This situation mirrors that of the UK, where the recent Data (Use and Access) Bill aims to promote open banking by allowing users to share their data with a broader range of third-party providers.