Global: JP Morgan Set to Charge Fintechs for Access to Customer Banking Data

JP Morgan Chase is preparing to introduce fees for companies seeking access to its customers’ bank account data, a move that could reshape the dynamics of the U.S. open banking ecosystem.

According to reports, the banking giant has already circulated pricing schedules to data aggregators—third-party intermediaries that facilitate connections between banks and fintech applications. These fees are expected to vary depending on the specific use case, with payment-focused firms projected to face the highest charges.

A JP Morgan spokesperson,  justified the decision, saying:

“We’ve invested significant resources in creating a valuable and secure system that protects customer data. We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in infrastructure that keeps our customers safe.”

The proposed charges are expected to take effect later this year, pending the outcome of ongoing negotiations. If implemented, the policy would mark a significant shift for fintechs and payment processors, many of which rely on free or low-cost access to consumer data to power their services.

Implications for Fintechs and Open Banking

This development could pose a considerable challenge for fintech firms operating in the U.S., potentially driving up operational costs and limiting the ease with which financial data can be leveraged for innovative services such as budgeting tools, payment initiation, and credit assessments.

While U.S. banks have advocated for lighter regulation and greater control over data-sharing arrangements, the proposed model diverges from the more open frameworks embraced in other regions.

In the European Union, open banking is underpinned by the revised Payment Services Directive (PSD2), which mandates that banks must provide free and standardized access to account data for licensed third-party providers. Similarly, in the United Kingdom, the government has introduced the Data (Use and Access) Bill, aimed at deepening the country’s open banking framework and enabling broader access to financial data for approved third parties.

These contrasting regulatory approaches raise questions about the future of data portability and competitive parity between banks and fintechs across jurisdictions.

As the digital finance landscape continues to evolve, JP Morgan’s move may spark broader industry debates on the value of consumer data, the cost of maintaining secure data infrastructures, and the need for regulatory clarity on fair access to financial information.