Reported 1 day ago
JPMorgan Chase & Co. has announced it will begin charging financial technology companies hefty fees to access customers' bank account information, a move that could disrupt prevailing business models in the sector. This decision comes as the bank aims to recoup costs associated with the secure management of consumer data. The new charges, which could vary based on usage and may be negotiated, are expected to impact various fintech platforms reliant on customer data access, potentially leading to increased costs for consumers as well. This initiative coincides with ongoing discussions around an open-banking rule that requires banks to share consumer data freely.
Source: YAHOO