JPMorgan Chase, the largest bank in the United States, has signed major agreements with top data aggregators to charge fees for customer data access. These deals, announced in mid-November 2025, involve firms like Plaid, Yodlee, Morningstar, and Akoya, and aim to create a fairer system for open banking while addressing long-standing concerns over data security and costs.
The Details of the Agreements
JPMorgan has worked out paid access terms with these aggregators after months of talks. The bank first signaled its plans in July 2025 to start charging for data that fintech apps use for services like budgeting and payments.
This move comes amid ongoing debates over open banking rules set by the Consumer Financial Protection Bureau in late 2024. Those rules required banks to share data for free, but banks argued it ignored their expenses.
Under the new deals, aggregators will pay fees based on data volume, though exact amounts remain private. JPMorgan lowered its initial fee demands to reach these pacts, which now cover over 95 percent of data requests to the bank.
Industry experts say this sets a new standard. For years, aggregators pulled data without paying, but now banks like JPMorgan gain revenue from it.
Why This Matters for Open Banking
Open banking lets consumers share their financial data with third-party apps safely. In the US, it has grown fast, with millions using apps for better money management.
These agreements could strengthen the system by giving banks funds to improve security and tech. Supporters argue it promotes innovation without overburdening banks.
However, critics worry fees might raise costs for smaller fintech companies, limiting new ideas. Recent data shows US open banking transactions hit record highs in 2025, up 25 percent from 2024, according to financial reports.
The deals also tie into broader changes. The Trump administration in early 2025 pushed to revise the CFPB rule, opening doors for such negotiations.
| Key Aggregators Involved | Role in Open Banking | Impact of Deal |
|---|---|---|
| Plaid | Connects banks to apps for payments and verification | Pays fees but gains stable access |
| Yodlee | Provides data for budgeting and wealth tools | Agrees to terms for continued service |
| Morningstar | Focuses on investment data sharing | Ensures compensated data flow |
| Akoya | Manages secure data exchanges | Covers high-volume requests |
Industry Reactions and Challenges
Fintech leaders have mixed views. Plaid called the deal a win for steady access, but groups like the Financial Technology Association say it could hurt competition.
Bank executives praise it as a market-driven fix. A JPMorgan spokesperson noted the free market led to fair agreements after productive talks.
Challenges remain. Legal fights over the CFPB rule continue, with hearings set for early 2026. Some predict other big banks, like Bank of America or Wells Fargo, will seek similar deals soon.
Consumer advocates urge watching for any price hikes passed to users. So far, no direct increases have shown up, but monitoring groups plan close reviews.
- Benefits for consumers: Safer data sharing with better bank investments.
- Potential downsides: Higher app fees if costs rise for fintechs.
- Broader trend: More banks negotiating paid access in 2026.
Looking Ahead to US Fintech Evolution
These deals mark a power shift from free data to paid models, potentially reshaping US fintech. With open banking expanding, experts forecast more partnerships between banks and tech firms.
Recent events, like Coinbase’s 2025 tie-up with JPMorgan for crypto services, show banks embracing innovation. This could lead to new tools for users, blending traditional banking with digital advances.
As regulations evolve, the focus stays on balancing access, security, and costs. The coming year will test if these agreements boost or slow open banking growth.
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