JPMorgan’s Fintech Fee Push: A Year-Old Battle Reshaping Financial Data Access
JPMorgan’s Fintech Fee Push: A Year-Old Battle Reshaping Financial Data Access JPMorgan Chase, the largest U.S. bank, initiated a significant shift last year by pushing to charge fintech companies for data access, citing the massive strain these ‘middlemen’ place on its systems. Internal memos from late 2024 revealed that a staggering 87% of the 1.89 billion monthly data requests from aggregators like Plaid were not customer-initiated transactions, but rather for purposes ranging from product improvement to data harvesting. This move,…