JP Morgan has reportedly told FinTechs that it plans to charge them fees worth hundreds of millions of dollars for access to customer bank account data.

According to a report by Bloomberg, the bank has sent pricing sheets to data aggregators which include the new fees.

A data aggregator acts as an intermediary between banks and FinTechs.

People familiar with the matter told the publication that the fees will vary based on how the data is being used, for example, there will be higher fees for payments-related firms.

The move would mark a significant change to the business models of many FinTechs in the market, particularly for payment apps which are currently given free access to customer data to process payments.

"We've invested significant resources creating a valuable and secure system that protects customer data," a JP Morgan Chase spokesperson said. "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 Bloomberg report said that the fees are likely to be launched later in 2025, however they are still subject to negotiation.

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