According to a report by Fortune magazine on July 21, last month, JPMorgan Chase notified fintech companies that it plans to charge them fees for accessing their customers' bank account data. This move has sparked strong reactions across many sectors of the financial industry. According to four industry executives, this action is a blow to the fintech industry and could have a devastating impact on early-stage startups, including those in the cryptocurrency sector. However, analysts believe that established fintech companies like PayPal and Block (formerly Square) may not be significantly affected by this fee adjustment.
According to the plan, every time consumers transfer funds from JPMorgan Chase to third-party services like cryptocurrency accounts or Robinhood, the bank may charge data aggregators a fee. Cryptocurrency and fintech companies typically use aggregators like Plaid or MX to access customer accounts from major financial institutions like JPMorgan Chase. So far, banks have not charged fintech companies, but this situation may change. It is widely expected that aggregators will pass on the new fees to fintech clients, and some may even pass the costs on to consumers. [Coin World]