An exterior view of the new JPMorgan Chase global headquarters building at 270 Park Avenue on November 13, 2025, in New York City.
JPMorgan Chase has finalized arrangements to ensure it will receive compensation from fintech firms responsible for nearly all data requests initiated by third-party apps linked to customer bank accounts, as reported by CNBC.
The bank has updated its contracts with fintech intermediaries, who account for more than 95% of the data interactions on its systems, including companies like Plaid, Yodlee, Morningstar, and Akoya, revealed Drew Pusateri, a spokesman for JPMorgan.
"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. "The free market worked."
This development marks the latest chapter in the longstanding conflict between traditional banks and the fintech industry over access to customer accounts. Traditionally, intermediaries like Plaid accessed bank systems without charges when customers utilized fintech apps such as Robinhood for fund transfers or balance checks.
This dynamic was apparently codified into law in late 2024, when the Biden administration's Consumer Financial Protection Bureau (CFPB) established the 'open-banking rule', mandating banks to share customer data with other financial firms at no cost.
However, banks challenged the CFPB rule in court and gained ground in May when the Trump administration requested a federal court to nullify the rule.
Shortly thereafter, JPMorgan — the largest bank in the U.S. by assets, deposits, and branches — reportedly informed intermediaries that it would commence charging fees amounting to hundreds of millions of dollars for access to its customer data.
In response, fintech, cryptocurrency, and venture capital leaders claimed the bank's actions amounted to "anti-competitive, rent-seeking behavior" detrimental to innovation and consumer access to popular apps.
After weeks of negotiations, JPMorgan and the intermediaries agreed on reduced pricing from what was initially proposed, alongside concessions regarding data request servicing, according to individuals familiar with the discussions.
Fintech companies preferred the stability of having established data-sharing rates amidst uncertainty about whether the current CFPB's revisions to the open-banking rule would favor banks or fintech entities, noted a venture capital investor who spoke anonymously.
Neither the bank nor the fintech firms disclosed specific details about their contracts, including financial terms or contract duration.