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The bank reached deals with Plaid, Yodlee, Morningstar and Akoya, which are among the companies that account for more than 95% of the data requests made by third-party apps connected to customer bank accounts. The deals are likely to lead to more banks charging third parties for access to their systems, after allowing FinTechs to do so at no charge for years.
“We’ve come to agreements that will make the open banking ecosystem safer and more sustainable and allow customers to continue reliably and securely accessing their favorite financial products,” JPMorganChase spokesman Drew Pusateri told CNBC. “The free market worked.”
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