NEW YORK—JPMorgan Chase plans to begin charging fintech firms for access to customer bank account data, according to a report from Bloomberg News.
The nation’s largest bank has reportedly distributed pricing sheets to data aggregators—companies that connect fintech apps with banks—detailing a new fee structure. Charges will vary depending on how the data is used, with payment-focused platforms expected to pay higher rates, Reuters reported, citing the Bloomberg story.
“We’ve invested significant resources creating a valuable and secure system that protects customer data,” a JPMorgan 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 upend the business models of many payment apps that depend on free access to consumer banking data to operate, Reuters noted.
While the new fees are expected to be implemented later this year, they remain subject to negotiation, Bloomberg said.