PANews reported on July 21 that last month, when JPMorgan informed fintech companies that it planned to charge them for accessing their customers' bank account data, this initiative sparked strong reactions across multiple sectors of the financial industry, according to Fortune magazine. According to four industry executives, this move 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 cryptocurrency accounts or third-party services like Robinhood, the bank may charge fees to data aggregators. Cryptocurrency companies and fintech firms often 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 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.