Overview
- JPMorgan said updated contracts with Plaid, Yodlee, Morningstar and Akoya cover more than 95% of third‑party data pulls on its systems.
- The agreements ensure the bank will be paid for most fintech app requests for customers’ account information.
- After weeks of negotiations, JPMorgan reduced its initial pricing proposal and aggregators won servicing concessions on data requests, according to reporting.
- Neither the bank nor the intermediaries disclosed fee levels or the duration of the new contracts.
- Fintech industry leaders condemned access fees as anti-competitive, while policy experts suggest other big banks may follow as the CFPB reworks its rule.