JPMorgan to Impose Fees on Fintechs for Customer Data Access, Signaling Shift in Open Banking

JPMorgan Chase has formalized plans to charge fintech firms and data aggregators for accessing customer banking data, marking a pivotal challenge to open banking models. The bank's pricing structure, now shared with third parties, scales costs based on data usage—with payment-focused platforms facing the steepest tariffs.

CEO Jamie Dimon foreshadowed this MOVE in his April shareholder letter, emphasizing that while JPMorgan supports secure data sharing, third parties must compensate banks for infrastructure costs. "User authorization and transparency aren't negotiable," Dimon wrote, framing the fees as a necessary evolution in digital finance.

The policy emerges as Rule 1033—which currently mandates free customer data access—faces potential judicial repeal. Analysts suggest the vacatur could trigger a domino effect, with other major banks following JPMorgan's lead in monetizing data pipelines.

Shares of JPMorgan ROSE 0.59% to $288.38 ahead of Q2 earnings, extending its 22.25% year-to-date rally. The market appears to be pricing in both the revenue potential of data tariffs and Dimon's strategic positioning of the bank as a gatekeeper in the fintech ecosystem.