JPMorgan Reopens Fight With Fintechs, Crypto Over Fees for Customer Data

JPMorgan Reopens Fight With Fintechs, Crypto Over Fees for Customer Data

In late 2024, US regulators put an end to a longstanding fight between banks and technology companies over control of their customers’ financial data: Customers have the right to demand, download and transfer their data, for free, per the Consumer Financial Protection Bureau’s landmark open banking rule.

Fintechs Flood JPMorgan With 1,890,000,000 Customer Data Requests, ‘Massively Taxing’ Bank’s Systems, According to Insider - The Daily Hodl

Financial technology middlemen reportedly sent investment banking giant JPMorgan Chase 1.89 billion data requests in the month of June. In an internal company memo reviewed by CNBC, a JPMorgan systems employee noted that only 13% of those requests were initiated by a customer for transactions. “Aggregators are accessing customer data multiple times daily, even when the customer is not actively using the app. These access requests are massively t…

Fintechs Flood JPMorgan With 1,890,000,000 Customer Data Requests, ‘Massively Taxing’ Bank’s Systems, According to Insider

Financial technology middlemen reportedly sent investment banking giant JPMorgan Chase 1.89 billion data requests in the month of June. In an internal company memo reviewed by CNBC, a JPMorgan systems employee noted that only 13% of those requests were initiated by a customer for transactions. “Aggregators are accessing customer data multiple times daily, even when... The post Fintechs Flood JPMorgan With 1,890,000,000 Customer Data Requests, ‘M…

JPMorgan Reopens Fight With Fintechs, Crypto Over Customer Data

In late 2024, US regulators put an end to a longstanding fight between banks and technology companies over control of their customers’ financial data: Customers have the right to demand, download and transfer their data, for free, per the Consumer Financial Protection Bureau’s landmark open banking rule.

JPMorgan Spooks Fintechs With Plans To Charge For Access To Customer Data

JPMorgan's proposed fees for customer data access would cost fintech startups between 60 and 100% of their annual revenue "just from one bank," according to a trade group representing the affected firms. Steve Boms, executive director of the Financial Data and Technology Association, said the charges would apply across all 30 companies in his group that received pricing notices from the nation's largest bank. The trade association, whose members…

A US trade group for 30+ fintechs and aggregators says JPMorgan's plan to charge for data access could cost some firms 60% to over 100% of their annual revenue

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