JPMorgan data aggregators deal good for Open Banking in the US

JPMorgan Chase has reached a series of landmark agreements with the fintech data aggregators that serve as the connective tissue of the Open Banking ecosystem, securing the right to charge for access to customer account data after years of largely uncompensated usage.

JPMorgan deal good for Open Banking

The arrangements — struck with Plaid, Yodlee, Morningstar and Akoya — represent one of the most consequential shifts yet in the long-running battle between incumbent banks and fast-growing fintechs over who pays for, controls and benefits from consumer financial data.

Open Banking in the USA

For more than a decade, aggregators have acted as intermediaries, funnelling data from banks to the apps consumers increasingly rely on for budgeting, investing and payments.

Although this access required significant technical resources from banks, middlemen typically paid nothing.

That model began to fracture when the Consumer Financial Protection Bureau finalised its Open Banking rule in late 2024, mandating free data sharing for consumers.

Banks pushed back fiercely, warning that the rule under priced the operational and security burden placed on them.

The subsequent legal challenge — and the Trump administration’s intervention seeking to vacate the rule — opened the door for negotiations that have now reshaped the landscape.

JPMorgan Moved Swiftly

JPMorgan, the country’s largest bank, moved swiftly.

It informed aggregators earlier this year that it intended to charge what industry executives described as substantial new fees for the high volume of data requests made on behalf of third-party apps.

After weeks of talks, the bank agreed to lower pricing from its initial proposal, while data aggregators secured concessions around how requests are serviced.

Though neither side has disclosed precise commercial terms, the updated contracts now cover more than 95% of data flows into JPMorgan’s systems — a critical threshold that cements the new economic model.

The implications extend well beyond JPMorgan.

Industry observers expect other major institutions to follow suit, effectively normalising paid access for fintechs that once relied on cost-free data connections.

Advocates for innovation warn that introducing fees risks erecting barriers for early-stage firms and could, in time, lead to higher costs for consumers.

Veteran Open Banking policymakers argue the move underscores the fragility of the current regulatory environment, with the CFPB now revisiting its rule under political and industry pressure.

Future Conflict

Fintech groups are already signalling future conflict.

While Plaid publicly welcomed the continuity offered by its updated deal with JPMorgan, the Financial Technology Association — of which it is a member — lambasted the broader shift as anti-competitive and out of step with the “plain reading” of the law.

For now, JPMorgan has secured a decisive advantage. But the clash over who ultimately pays for Open Banking is far from over — and is likely to define the next chapter of US fintech regulation.