JPMorgan says fintech middlemen like Plaid are 'massively taxing' its systems with unnecessary pings
22d ago
Business
CNBC
JPMorgan Chase is planning to impose new fees on fintech companies like Plaid and MX for accessing customer financial data. The bank argues these intermediaries place a significant burden on its systems through excessive data requests, which JPMorgan describes as 'massively taxing.' The move reflects growing tension between traditional financial institutions and fintech firms over data access and the associated costs. This decision could potentially impact how these fintech companies operate and access consumer financial information.