JPMorgan to Charge Fintech Middlemen for Customer Data Access

JPMorgan Chase plans to start charging fintech “middlemen” such as Plaid, MX, and Fiserv for access to customer data through its APIs. Historically, these aggregators have accessed data free of charge. The bank argues that unpaid access has turned into a strain on its systems and a risk to security. The proposed fees could begin rolling out as soon as September or October 2025.

Why JPMorgan Is Doing This

Internally, the bank flagged that almost 2 billion API requests hit its systems each month, and only around 13 percent are linked to real customer actions, such as transactions. A systems memo described these calls as massively taxing JPMorgan’s infrastructure. The bank claims it built and maintains a secure data-sharing pipeline and finds it fair to charge intermediaries who benefit most from this access.

JPMorgan CEO Jamie Dimon emphasized that data sharing is acceptable only when customer-authorized, transparent, and fairly priced. He argues that third parties should pay for system access and not exploit the bank’s infrastructure for profit.

Fintech and Industry Pushback

Plaid responded that all API accesses begin only after customer consent, calling claims of inflated fraud risk misleading. The company maintains that data sharing benefits consumers, fintechs, and banks alike.

Fintech trade groups have responded forcefully. The Financial Data and Technology Association estimates that JPMorgan’s proposed fees would amount to 60 to 100 percent of annual revenues for some startups, even from just one bank. Critics see the policy as an anticompetitive move aimed at consolidating the market in favor of legacy banks.

Legal and Regulatory Hurdles

Analysts believe legal and regulatory pushback could stall or block implementation. Section 1033 of the Dodd-Frank Act protects consumers’ right to access and share their own financial data, making it a key battleground if JPMorgan tries to charge for that access. Fintech supporters, including the Financial Technology Association and crypto advocacy groups, are preparing litigation and lobbying efforts. High-profile voices like venture capitalist Ben Horowitz have publicly called the move horrible anticompetitive behavior.

Market Reaction and Analyst Viewpoints

News of JPMorgan’s plan sent several fintech stocks including PayPal, Block, Chime, and Affirm sliding. Yet by Monday markets mostly recovered, with analysts advising investors to buy the dip. They suggest the sector would remain viable even if banks begin charging, pointing to potential negotiations or delays in enforcement.

Evercore ISI analysts called the initial panic overblown, noting industry contacts are still hashing out pricing details. BTIG’s Andrew Harte expects pushback from lawmakers and fintechs to delay any rollout. Seaport Research sees the proposal affecting aggregators more than consumer-facing apps and anticipates negotiations to soften the blow.

Broader Implications

Some experts warn that charging for data access could backfire, prompting customers to shift away from banks seen as restrictive or opaque. It could also isolate the U.S. from global open-banking norms, where free or low-cost data access is standard in countries like the U.K., Brazil, and Sweden.

Meanwhile, the Bank Policy Institute supports banks covering the system costs rather than passing them to consumers. Other banks, including PNC, are reportedly considering similar steps.

What This Really Means

JPMorgan is trying to take back control over access to its customer data. On paper, it makes sense: pay for a resource you use heavily. But in practice, it puts fintechs in a tight spot, raises questions about consumer rights, and invites regulatory scrutiny.

If the policy survives court challenges and goes live, fintechs could see sharply increased costs and pass them onto users. For now, though, legal uncertainty and ongoing negotiations may soften the impact. The debate raises tough questions about who truly owns financial data and who pays to access it.