JPMorgan Chase announced that it has reached paid‑access agreements with four of the largest fintech data‑aggregation platforms—Plaid, Yodlee, Morningstar and Akoya—on November 14, 2025. The contracts grant the banks’ customers’ account data to the aggregators in exchange for a fee, a departure from the bank’s previous free‑access model that had dominated the open‑banking ecosystem.
Under the new terms, JPMorgan will charge a tiered fee structure that ranges from a few dollars per data request for high‑volume clients to a premium rate for smaller fintechs that rely on a limited number of requests. The bank has projected that the agreements could generate several hundred million dollars in annual revenue, a figure that reflects the fact that the four aggregators account for more than 95 % of all third‑party data requests to JPMorgan accounts.
The agreements followed weeks of negotiations in which JPMorgan agreed to lower its initial pricing proposals. In exchange, the aggregators committed to a long‑term partnership that includes joint security enhancements and a shared roadmap for new data‑sharing features. The deal also obligates the fintechs to pass a portion of the fees onto their end‑users, potentially raising subscription costs for consumers who rely on these platforms for budgeting, investment and credit‑score monitoring.
The move aligns with evolving U.S. regulatory expectations. The Consumer Financial Protection Bureau’s interpretation of Section 1033 of the Dodd‑Frank Act has long required banks to share data at no cost, but recent legal challenges and policy discussions have opened a window for paid access. JPMorgan’s agreements signal that banks can now monetize the infrastructure they have invested in to secure customer data, while still complying with the broader open‑banking framework.
Strategically, the agreements position JPMorgan as a pioneer in a new revenue model that could set a precedent for other banks. By monetizing data, the bank aims to offset the costs of maintaining its secure data‑sharing platform and to create a sustainable ecosystem that rewards both banks and fintechs for responsible data use. The deal also shifts the power dynamic in the fintech space, giving banks greater leverage over the intermediaries that have traditionally provided free access to customer data.
JPMorgan spokesperson Drew Pusateri emphasized that the agreements “will make the open‑banking ecosystem safer and more sustainable.” Analysts note that while the new fee structure could dampen fintech innovation in the short term, it also opens a significant new revenue stream for the bank and may encourage other financial institutions to adopt similar models, reshaping the competitive landscape for data‑access services.
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