
After securing its first payment-for-data deal with Plaid in September, JPMorgan has now updated contracts with fintech firms that make up more than 95% of data pulls on its systems.
JPMorgan sent shock waves through the data aggregation market earlier this year after announcing that it would no longer let fintech companies access its data for free. The bank says that of the 1.89 billion data requests that hit its systems in June, only 13% were initiated by a customer for transactions, with the majority of API calls for purposes ranging from helping fintech companies improve their products or prevent fraud to other efforts including harvesting data for sale. The renewed deal with Plaid has now been extended to cover Yodlee, Morningstar and Akoya. After weeks of negotiations, the bank agreed to lower pricing than it originally proposed, and the fintech middlemen won concessions regarding the servicing of data requests, according to CNBC, citing people with knowledge of the talks. The move shreds a previously agreed open banking rule by the Consumer Financial Protection Bureau that has been rescinded by the Trump administration, paving the way for more banks to begin charging fintechs for data calls.
By on Mon, 17 Nov 2025 09:55:00 GMT
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