US-based multinational banking and financial services company JPMorgan Chase has reached agreements with several major data-aggregator firms. This means that JPMorgan Chase will be able to receive payments from fintech companies in return for access to its customer bank-account data. The deals were struck with intermediaries including Plaid, Yodlee, Morningstar and Akoya, according to sources cited by the news service.
Data-aggregators serve as the connection between banks and fintech platforms, enabling services such as budgeting tools and payment apps by retrieving bank-account data. According to MSN, historically, many of these firms had accessed such data from banks without paying for it, giving rise to concerns among incumbent lenders about both the cost of infrastructure and the security of data flows.
Changing the economics of access
Under the new arrangements, JPMorgan will receive compensation for these data-access services, signalling a change in how Open Banking data sharing is treated in the United States. According to people familiar with the negotiations cited by WebProNews, the bank lowered its initial fee demands during extended talks, and the aggregators secured concessions around how data requests will be handled.
A representative from the bank stated that productive discussions with aggregator and fintech partners resulted in agreements intended to make the Open Banking ecosystem safer and more sustainable while enabling customers to continue accessing their financial products reliably and securely.
The timing of these deals coincides with regulatory developments. The Consumer Financial Protection Bureau’s Open Banking rule, introduced last year under the Biden administration, set out consumer rights to move personal financial data between providers free of charge. According to Reuters, banks have argued that the rule underestimates the cost and risk of large-scale data transfers, while fintech firms welcomed it as support for greater access and innovation. In August 2025, the CFPB began revising the framework in response to industry feedback.
