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JPMorgan to Charge Fintech Firms for Access to Customer Bank Data, Bloomberg Reports

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JPMorgan Chase is planning to start charging fintech companies for access to its customers’ bank account data, Bloomberg News reported Friday, citing sources familiar with the matter. The U.S.’s largest bank has sent pricing proposals to data aggregators — intermediaries that connect banks with fintech platforms — outlining fees that may vary depending on the use case. Payment-focused fintech firms are expected to face higher charges.

A JPMorgan spokesperson stated the bank has invested heavily in building a secure system to protect customer data. The spokesperson added that JPMorgan is engaging with industry players to ensure necessary investments are made in infrastructure that safeguards customer information.

This move could disrupt payment app companies that currently rely on free access to customer financial data to facilitate transactions. Following the news, shares of major payment firms fell sharply: PayPal dropped 6.3%, Block fell 5.6%, while Visa and Mastercard declined around 2.8% and 2.9%, respectively.

The fees are expected to be implemented later this year but remain subject to negotiation, according to Bloomberg.

In the broader regulatory context, U.S. banking giants like JPMorgan are advocating for lighter regulations under President Donald Trump’s administration, in contrast to the stricter capital requirements imposed during the Biden administration.

Musk Speaks at JPMorgan Event on Government Reshaping Efforts

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Tesla CEO Elon Musk spoke at a JPMorgan Chase conference on Thursday, discussing his efforts to reshape the federal government, a task he was assigned by President Donald Trump. The conference, held in Miami, was attended by JPMorgan CEO Jamie Dimon and hosted by Mary Erdoes, CEO of JPMorgan’s asset and wealth management division. Around 200 of JPMorgan’s largest clients were present at the event.

Musk’s conversation, moderated by David Rubenstein, co-founder of private equity firm Carlyle Group, featured a wide range of topics. Among the key points was Musk’s work with the Department of Government Efficiency (DOGE), which he leads. DOGE’s ambitious goals include eliminating entire federal agencies and cutting three-quarters of federal government jobs.

JPMorgan declined to comment on the event, and neither Musk nor Carlyle responded to requests for comment.

The event marked a shift in the relationship between Musk and Dimon, who had previously been involved in a prolonged legal battle. The two business leaders, who were once adversaries due to Tesla’s 2021 lawsuit over Musk’s controversial “funding secured” tweet, resolved their differences in November 2023 when both companies dropped their claims against each other.

Goldman Sachs CEO Hints at Potential End to Apple Card Partnership Before 2030

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Goldman Sachs CEO David Solomon indicated that the company’s credit-card partnership with Apple, currently set to run through 2030, might not last until the end of the contract. During an earnings call on Wednesday, Solomon noted that while there is an agreement in place, the partnership could end before 2030. He mentioned that the Apple Card has negatively impacted Goldman’s return on equity, with a decline of 75 to 100 basis points last year. However, Solomon expects this impact to improve by 2025 and 2026.

The business, which falls under Goldman’s platform solutions unit, reported an $859 million annual net loss in 2024. Reports also suggest that JPMorgan Chase is in discussions with Apple to potentially replace Goldman Sachs as the tech giant’s credit-card partner.