JPMorgan's New Fees and Tensions with Fintechs Spark Industry Concerns
JPMorgan Chase is criticizing fintech middlemen like Plaid for flooding its systems with unnecessary data requests, which are costly to maintain. The bank plans to introduce new fees for API access, potentially causing upheaval in the fintech ecosystem, as these aggregators have historically accessed data for free. Negotiations are ongoing, with the industry watching how this shift will impact open banking and data sharing practices.