Fintech and Crypto Industries Launch Fight to Block Bank Fees for Customer Data
JPMorgan Chase threat spurs fintechs to appeal directly to Trump administration.
The fintech industry has gone to the Trump administration to try to block the threat by banks, led by JPMorgan Chase, to charge fintechs fees for accessing their customers’ banking data.
Under proposed pricing sheets from JPMorgan, the fintech and crypto industries could face hundreds of millions of dollars in costs to get access to their customers’ bank account information, which they now get for free. The data allows companies like Venmo and Coinbase to easily accept fund transfers from customers, verify their bank balances, and gain insights into their financial history to provide loans.