JP Morgan and Fintechs Reach Agreements After Fee Fight

JP Morgan Chase — the largest U.S. bank by assets — has reached deals with fintech middlemen that handle more than 95% of third-party data pulls on its systems. The updated contracts with firms including Plaid, Yodlee, Morningstar and Akoya ensure the bank will be paid for many data requests that apps make to customer accounts, a settlement in a long-running dispute over who should cover the costs of open banking.

“We’ve come to agreements that will make the open banking ecosystem safer and more sustainable and allow customers to continue reliably and securely accessing their favorite financial products,” JPMorgan spokesman Drew Pusateri said. “The free market worked.”

How the jp morgan deal unfolded

For years, middlemen like Plaid paid nothing to tap bank systems when customers used fintech apps to check balances or move funds. That arrangement was challenged by regulatory and legal moves in late 2024 and 2025:

• The Biden-era CFPB finalized an “open-banking rule” late in 2024 requiring banks to share customer data at no cost.
• Banks sued to block the rule, and the Trump administration later asked a federal court to vacate it, creating regulatory uncertainty.
• JPMorgan signaled it would start charging hefty fees for access, prompting warnings from fintech, crypto and VC leaders that fees would be “anti-competitive” and hurt consumers.

After weeks of negotiations, JPMorgan agreed to lower pricing from its original proposal, while the fintech middlemen won concessions on how data requests will be serviced. The parties have not disclosed financial terms or contract lengths.

Wider impact on the fintech ecosystem

Industry observers say the deals shift the power dynamic between banks, middlemen and fintech apps. JPMorgan’s move could prompt other large banks to seek payment, changing the economics for startups and established fintechs alike.

• Supporters at JPMorgan argue the agreements help cover the rising costs. And fraud risks banks face as systems are increasingly tapped.
• Critics, including industry groups, call the arrangements an exploitation of regulatory uncertainty. Penny Lee, CEO of the Financial Technology Association, said introducing “prohibitive tolls is anti-competitive, anti-innovation, and flies in the face of the plain reading of the law.” She urged the administration to uphold the existing prohibition on data access fees.

For fintech firms, locking in rates offers certainty while the CFPB revises its open-banking rule. But many worry the change could raise barriers for nascent startups and ultimately increase costs for consumers.

What JPMorgan and fintechs say — and what they won’t say

Both JPMorgan and the middlemen highlighted continuity and customer access when announcing deals (Plaid’s deal was publicized in September). But specific contract details remain private. According to spokespeople and people familiar with the talks, the bank reduced its initial fee demands and fintechs secured service concessions. But the exact price and duration of the contracts were not disclosed.

Where this leaves the industry

This jp morgan fintech settlement marks a decisive moment in the debate over who pays for open banking. JPMorgan “tending to be a trendsetter” means other major banks may follow. Potentially reshaping market entry for new fintechs and changing how consumers access financial apps. The dispute — part legal, part commercial — is likely to continue playing out in courts, regulatory reviews and public debate. As policymakers weigh consumer control against bank costs and security.

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