JPMorgan plans to charge fintechs for customer data, Bloomberg News reports
The largest U.S. lender has sent pricing sheets to data aggregators - intermediaries that link banks with fintech platforms - outlining new charges that may vary by use case, with payment-focused firms facing higher costs, according to the report.
"We've invested significant resources creating a valuable and secure system that protects customer data," a JPMorgan Chase spokesperson said.
"We've had productive conversations and are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe."
The move could disrupt the business model of payment apps, which rely on free access to customers' financial data to process transactions.
Shares of PayPal (PYPL.O), opens new tab fell 6.3%, Block (XYZ.N), opens new tab was down 5.6%, while Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab lost 2.82% and 2.9%, respectively.
The new fees are expected to take effect later this year but are subject to negotiation, the Bloomberg News report said.
U.S. banking giants are pushing for lighter regulations under President Donald Trump's administration battling Biden-era regulations over tougher capital requirements.
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