JPMorgan to Impose New Fees on Fintech Middlemen Amid Data Surge

In a significant move that could reshape the financial technology landscape, JPMorgan Chase & Co., the largest bank in the United States by assets, is preparing to implement new fees for fintech middlemen such as Plaid and MX. This decision comes in response to an overwhelming increase in data requests that the bank claims are 'massively taxing' its systems. According to internal communications reviewed by CNBC, JPMorgan reported that of the 1.89 billion data requests processed in June 2025, only 13% were initiated by customers for transactions, while the rest were primarily for purposes such as product improvement and data harvesting.

The surge in application programming interface (API) requests has prompted JPMorgan to seek compensation for the rising costs associated with maintaining the infrastructure required to handle these requests. As negotiations between the bank and fintech companies continue, the new fees are expected to be implemented as early as October 2025.

This impending change is poised to have profound implications for the fintech ecosystem, which has thrived on free access to bank data through aggregators like Plaid. These companies have enabled a new generation of financial applications that connect seamlessly with traditional banking services, fostering competition and innovation in the sector. However, financial experts and industry leaders are now raising concerns about the potential for a stifling effect on competition due to increased operational costs.

Dr. Sarah Johnson, Professor of Economics at Harvard University, stated in a recent analysis, "The imposition of fees by major banks could fundamentally alter the dynamics of the fintech industry, potentially leading to reduced innovation and higher costs for consumers."

The backdrop to this situation includes the Consumer Financial Protection Bureau’s (CFPB) open banking rule, established during the previous administration, which mandated that banks provide data to authorized parties at no charge. However, this rule is currently under scrutiny, as JPMorgan CEO Jamie Dimon has expressed strong opposition, arguing that such regulations are unfairly burdensome on banks.

In a memo, JPMorgan highlighted that the total volume of API calls has more than doubled in the past two years, with a notable increase in fraud claims associated with transactions involving fintech middlemen. The bank anticipates that fraud claims related to ACH transactions initiated through aggregators could triple within five years. In June, JPMorgan reported approximately $50 million in fraud claims linked to these transactions, with a significant portion attributed to aggregators like Plaid.

However, Plaid has contested JPMorgan's claims, asserting that their data access practices are standard within the industry. A spokesperson for Plaid stated, "All activity begins when customers grant permission to fintech companies when they sign up for accounts. The characterization of our data access practices as excessive is misleading."

The financial technology industry is now at a crossroads. If the CFPB's open banking rule is overturned, questions will arise regarding how much fintech middlemen will have to pay for data access. The ongoing discussions between JPMorgan and these aggregators reveal a willingness on both sides to negotiate terms that could balance the financial needs of the banks with the operational realities of fintech companies.

As the situation develops, the implications for consumers, financial institutions, and the broader economy remain uncertain. With the potential for increased costs and reduced access to financial tools, the future of fintech may hinge on the outcomes of these negotiations and the regulatory landscape surrounding open banking. Industry experts are closely monitoring these developments, emphasizing the need for a balanced approach that supports innovation while addressing the legitimate concerns of traditional banks.