JPMorgan Charges Fintech Firms for Data Access

JPMorgan Chase secures agreements with fintech firms, ensuring payment for data requests, marking a significant shift in the banking industry. The bank updated contracts with middlemen like Plaid, Yodlee, and Morningstar, accounting for over ninety-five percent of data pulls. This move aims to make the open banking ecosystem safer and more sustainable, allowing customers to securely access their favorite financial products. However, concerns about anti-competitive behavior and potential hindrance to innovation and competition remain.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.