JPMorgan Chase has announced plans to implement fees for access to customer bank account data, potentially amounting to hundreds of millions of dollars, reported Bloomberg. This decision could significantly disrupt existing business models within the financial technology sector.
Fintechs wanting access to banks’ customers’ data may have to pay for the privilege, according to a report from Bloomberg on US bank JP Morgan. The report states that JP Morgan is planning to impose fees on companies wanting to access its clients’ bank account data and has gone so far as sending pricing sheets to data aggregators – the intermediaries that link banks and fintechs.
According to the report, the pricing fees will vary by use case with firms from the payments sector likely to be charged the most. The fees are slated to be imposed later this year, subject to negotiation.
Should they take effect, it would be a significant disruption to payment processing platforms and other fintechs that rely on free access to customer data.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
