JPMorgan Chase has secured deals with fintech firms to get paid for data requests, marking a shift in the dispute over access to customer accounts. Banks are now charging for data access after a rule requiring free sharing was challenged. The deals set a precedent for other banks to follow suit, potentially raising costs for consumers.

The agreements between JPMorgan and fintech firms come after negotiations to lower pricing and address data request servicing concerns. Fintech companies sought certainty in data-sharing rates amidst regulatory uncertainty. Details of the contracts, including payment amounts and duration, remain undisclosed.

Industry observers predict more banks will start charging fintechs for system access, following JPMorgan’s lead. Concerns arise over potential barriers for startups and increased costs for consumers. The 2024 CFPB rule aimed to give consumers control over financial data but faced pushback from banks citing fraud risks and rising maintenance costs.

Plaid’s renewed deal with JPMorgan emphasizes continuity for customers but draws criticism from industry groups. The Financial Technology Association views the agreements as anti-competitive and against the law, calling for the Trump Administration to uphold the existing prohibition on data access fees. The ongoing battle between banks, middlemen, and fintech firms may continue in courts and in public discourse.

Read more at CNBC: JPMorgan Chase wins fight with fintech firms over fees