US-based JPMorgan Chase has reportedly been planning to apply fees on fintech companies that want to access its customer bank account data.
According to people familiar with the matter cited by Bloomberg News, JPMorgan Chase has already sent pricing sheets to data aggregators, which act as intermediaries that link banks with fintech companies, underlining new charges that can depend on use case. The lender’s move could negatively affect the business model of payment apps, which heavily rely on free access to customers’ financial data to process transactions.
Commenting on the decision, a spokesperson from JPMorgan Chase emphasised that the financial institution has invested substantial resources in developing a valuable and secure system that safeguards consumer data. Additionally, JPMorgan stated that it had productive conversations and is working with the entire ecosystem to ensure that all of those involved make the necessary investments in the infrastructure that maintains the security of customers.
Reacting to the news, Steve Boms, Executive Director of FDATA North America, stated in a LinkedIn post that ‘Open banking is premised on the notion that consumers, not their financial institutions, own their financial data. Charging punitive fees to allow consumers to share access to their financial data is a blatant effort to exploit regulatory uncertainty, curtail innovation, and undermine a stronger and more competitive American financial system, with the consumer ultimately paying the price.'
Furthermore, the new fees are projected to come into effect later in 2025; however, as detailed by the same sources, they are still subject to negotiation. Currently, US banking organisations are pushing for lighter regulations under President Donald Trump’s administration, combating Biden regulations over stronger capital requirements.
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Just two months before this announcement, more specifically in May 2025, JPMorgan Chase decided to shut down Capital Connect, with the financial institution initially discontinuing the platform at the end of 2024 and then closing the Capital Connect website. The bank introduced Capital Connect in 2022 as a platform to support entrepreneurs connect with venture capital companies. One of the individuals acquainted with the details, who declined to speak on the record, mentioned that Capital Connect did not work as planned by JPMorgan Chase; however, the bank’s connections with venture capital and its objectives to further advance its position in the innovation economy remained.
