JPMorgan Chase is planning to impose fees on fintech companies for access to its customer bank account data, Bloomberg News reported on Friday, citing people familiar with the matter.
The largest U.S. lender has sent pricing sheets to data aggregators – intermediaries that link banks with fintech platforms – outlining new charges that may vary by use case, with payment-focused firms facing higher costs, according to the report.
“We’ve invested significant resources creating a valuable and secure system that protects customer data,” a JPMorgan Chase spokesperson said.
“We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in the infrastructure that keeps our customers safe.”
The move could disrupt the business model of payment apps, which rely on free access to customers’ financial data to process transactions.
Shares of PayPal fell 6.3 per cent, Block was down 5.6 per cent, while Visa and Mastercard lost 2.82 per cent and 2.9 per cent, respectively.
The new fees are expected to take effect later this year but are subject to negotiation, the Bloomberg News report said.
U.S. banking giants are pushing for lighter regulations under President Donald Trump’s administration battling Biden-era regulations over tougher capital requirements.
