NEW YORK— JPMorgan Chase and Plaid have renewed their data access agreement, ensuring shared customers can continue to securely use essential financial products, the organizations stated in a joint release.
As part of the deal, Plaid will pay new fees to maintain access to consumer financial data from the nation’s largest bank.
The data access agreement will continue the long relationship between the two companies. The agreement, which includes a pricing structure, outlines a series of commitments that JPMC and Plaid made to ensure that consumers can access their data safely, securely, quickly and consistently into the future. The firms will also work through innovation and technological investment to improve data access, the companies stated.
“JPMorgan Chase has a long history of working with Plaid and we’re excited that partnership will continue and the open banking ecosystem will continue to thrive. Today’s announcement will ensure that our customers can continue to quickly, safely, and securely access their financial data for years to come and stay connected to the products they rely on every day.” - Melissa Feldsher, Head of Consumer Payments at JPMorgan Chase
U.S. open banking has been mired in lawsuits and regulatory uncertainty for nearly a year, despite a federal rule issued in October 2024 intended to clear the path for the emerging trend.