JPMorgan Chase's New Fee Structure
JPMorgan Chase (JPMorgan Chase Bank) is set to impose fees on fintech companies for accessing customer bank account data.
The bank has sent pricing sheets to data aggregators which may vary by use case, influencing payment-focused firms more significantly.
The new fees are likely to take effect later this year but can be negotiated between the parties involved.
Impact on Fintech and Payment Apps
This decision may disrupt the business model of payment apps that currently rely on free access to customer financial data.
Following the announcement, shares of major companies like PayPal, Block, Visa, and Mastercard experienced declines.
Corporate Statements and Responses
JPMorgan Chase justified the move by mentioning the investments made to protect customer data.
The spokesperson emphasized the company's commitment to safe infrastructure and productive dialogues with the ecosystem of fintech companies.
Regulatory Context
U.S. banking giants are currently advocating for lighter regulations amid a political landscape influenced by President Donald Trump and potential challenges from Joe Biden's administration.
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