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JPMorgan Says Fintech Middlemen ’Massively Taxing’ Bank Systems
JPMorgan Says Fintech Middlemen ’Massively Taxing’ Bank Systems
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BTCCSquare news:
JPMorgan Chase is pushing back against fintech data aggregators, citing unsustainable system strain and elevated fraud risks. The bank processed 1.89 billion data requests in June—87% unrelated to customer transactions—with Plaid alone generating 1.08 billion calls. A new fee structure set for October could cost the industry leader $300 million annually.
Internal memos reveal API call volumes have doubled since 2022, with executives calling non-essential data pulls "massively taxing." Fraud rates for aggregator-linked ACH transactions run 69% higher than traditional channels, accelerating JPMorgan's policy shift. Negotiations continue as the bank seeks to monetize what was previously free data access.
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