Jp morgan chase is pressing the attack after winning a major concession from plaid, the nation's largest wealth data aggregator, to pay fees for its data Their deal, announced in september, may help resolve ongoing bank lawsuits and regulatory scrutiny What prevents banks from steadily ratcheting fees upward? Jpmorganchase (jpmc) and plaid today announced a renewed data access agreement that will continue to allow their shared customers to safely and securely access products they rely on for their financial needs and ensure continued innovation within the open banking ecosystem. Financial service industry, plaid will pay jpmorgan chase (jpmc) fees to access consumers’ banking data. Cnbc reported that in the month of june, the bank received 1.89 billion data requests from middlemen, and that these high volumes of requests were massively taxing its systems
Plaid will not pass the new fees on to its 7,000 fintech and bank clients, a plaid spokeswoman told american banker.
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