JPMorgan Chase & Co. (NYSE:JPM) plans to charge fintech companies hundreds of millions of dollars in fees for accessing customer data, according to reports. The bank has distributed pricing sheets outlining new fees that will vary based on how companies utilize the information.
Payment-focused firms will face higher charges under the new fee structure. The fees are expected to be implemented later this year, pending Biden administration regulation. A JPMorgan spokesperson stated that the bank has made significant investments in securing customer data and is working with the ecosystem to ensure infrastructure security.
The move could disrupt business models across the fintech industry, as companies may face substantial fees for accessing customer banking information without direct charges. This development comes amid intensifying trade war fears and volatility in the stock market, contributing to a weekly loss of the S&P 500.
Source: https://www.investing.com/news/stock-market-news/paypal-stock-falls-after-jpmorgan-plans-data-access-fees-4132485