The bank has told financial-technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to their customers’ bank account information – a move that threatens to upend the industry’s business models. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies.
“We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in the infrastructure that keeps our customers safe,” the spokesperson said in a statement.
