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- JPMorgan plans to charge fintechs for customer data, Bloomberg News reports</p>
<p>July 11, 2025 at 3:42 PM</p>
<p>(Reuters) -JPMorgan Chase is planning to impose fees on fintech companies for access to its customer bank account data, Bloomberg News reported on Friday, citing people familiar with the matter.</p>
<p>The largest U.S. lender has sent pricing sheets to data aggregators - intermediaries that link banks with fintech platforms - outlining new charges that may vary by use case, with payment-focused firms facing higher costs, according to the report.</p>
<p>"We've invested significant resources creating a valuable and secure system that protects customer data," a JPMorgan Chase spokesperson said.</p>
<p>"We've had productive conversations and are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe."</p>
<p>The move could disrupt the business model of payment apps, which rely on free access to customers' financial data to process transactions.</p>
<p>Shares of PayPal fell 6.3%, Block was down 5.6%, while Visa and Mastercard lost 2.82% and 2.9%, respectively.</p>
<p>The new fees are expected to take effect later this year but are subject to negotiation, the Bloomberg News report said.</p>
<p>U.S. banking giants are pushing for lighter regulations under President Donald Trump's administration battling Biden-era regulations over tougher capital requirements.</p>
<p>(Reporting by Prakhar Srivastava in Bengaluru; Editing by Pooja Desai)</p>
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