JPMorgan Chase (JPM) Shakes Up Fintech: Bank Now Charging for Customer Data Access

Wall Street's data gold rush just got a toll booth—and Jamie Dimon's holding the keys.

JPMorgan Chase is flipping the script on fintechs that have been feasting on its customer data for free. The megabank now plans to charge startups and rivals for API access—turning user insights into a revenue stream.

The monetization playbook

For years, fintechs leveraged bank APIs to build slick apps atop legacy infrastructure. Now JPMorgan's demanding a cut, with tiered pricing based on data volume and use cases. Insiders whisper the move could generate nine figures annually—peanuts for a $500B behemoth, but a potential death knell for cash-strapped startups.

Regulatory chess match

The pivot comes as open banking rules remain in limbo. JPMorgan's effectively preempting legislation—bankers gonna bank—while framing it as 'data security enhancements.' Cynics note the timing coincides with rising deposit costs and shrinking net interest margins.

Fintechs face a brutal choice: pay up for premium data or risk offering crippled services. Meanwhile, Chase customers remain blissfully unaware they're the product—as usual.

TLDR

• JPMorgan will begin charging fintech firms for access to customer bank data, disrupting open banking models

• CEO Jamie Dimon called for customer control, security, and compensation in data-sharing in his April shareholder letter

• Pricing varies by data usage; aggregators and payment apps may face significant cost increases

• Rule 1033, which supports free data access, may soon be vacated by a court decision, enabling the fees

• JPM stock rose 0.59% to $288.38 ahead of Q2 earnings set for July 15, with YTD returns up 22.25%

JPMorgan Chase & Co. (NYSE: JPM) has formally drawn a line in the SAND over the issue of free access to customer financial data. The bank will begin charging fintech companies and data aggregators for access to customers’ account information, a move that could severely impact many fintechs’ business models and usher in a new era of “digital data tariffs.”

JPMorgan Chase & Co. (JPM)

CEO Jamie Dimon previewed the shift in his April 2024 annual letter, stating that while JPMorgan supports proper data sharing, third parties must respect user authorization, provide transparency, and compensate banks for the infrastructure they rely on.

That position is now official. According to Bloomberg, the bank has issued pricing sheets to data aggregators detailing fee structures based on how data is used. Payment-focused fintech platforms are expected to pay the highest rates. Early estimates suggest that the fees could generate hundreds of millions of dollars annually for JPMorgan.

Almost immediately after the @CFPB announced that it WOULD kill its Open Banking Rule, which gave customers the right to own their financial data, @jpmorgan announced that it will now charge customers to use their own data at fintechs. pic.twitter.com/XP85Da2gJq

— Nik (@NikMilanovic) July 11, 2025

Rule 1033 in Question

This MOVE comes as Rule 1033, a regulation that would require financial institutions to provide consumer data access to third parties at no cost, is potentially being vacated by a federal judge. Banks, including JPMorgan, have argued the rule exceeds the scope of existing law, claiming it mandates a complex and costly data-sharing regime.

Under current conditions, fintechs often use aggregators like Plaid to gain access to consumer banking data without charge. Dimon’s plan, however, would treat that data access as a service, not a right, introducing a usage-based fee structure akin to tariffs.

Plaid CEO Zach Perret warned in June that a lack of standardization in data-sharing practices, especially among banks, could create chaos. The fintech sector is already facing margin pressures and may now need to reconsider how it collects and processes data.

Economic Implications

Fees for accessing bank data,  used in functions like verifying identities, underwriting credit, and facilitating payments, may ultimately be passed on to consumers. A PYMNTS Intelligence survey found that about 47% of users are open to paying more for instant payments, indicating potential tolerance for higher fees if convenience is preserved.

Still, fintechs that rely heavily on thin margins or are not yet cash FLOW positive, such as those in the PYMNTS Fintech IPO Index,  may face severe pressure or even model disruption.