According to PANews, JPMorgan plans to charge fintech companies for access to their customers' bank account data, a move that has sparked strong reactions in the financial industry. Four industry executives stated that this could have a devastating impact on early-stage startups, including those in the cryptocurrency sector. However, analysts believe that established companies like PayPal and Block may not be significantly affected.
According to the plan, when consumers transfer funds from JPMorgan to cryptocurrency accounts or third-party services, the bank may charge data aggregators. Aggregators may pass on the new fees to fintech clients and even consumers.
