Yazılar

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.

Vanguard Reaches Agreement with FDIC on Bank Stake Control

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The U.S. Federal Deposit Insurance Corporation (FDIC) has reached an agreement with Vanguard to implement stricter rules regarding the firm’s ability to take large stakes in U.S. financial institutions. This deal, made public on Friday, strengthens the FDIC’s ability to monitor Vanguard’s investment activities, ensuring that the firm’s passive investment strategy in FDIC-supervised banks does not lead to undue influence over the banks’ operations.

The agreement is designed to prevent the largest asset management firms, such as Vanguard and BlackRock, from affecting the decision-making processes of major U.S. banks, even when they acquire significant stakes through passive investment funds. In a statement, Jonathan McKernan, an FDIC director, highlighted academic concerns regarding the risks of concentrated ownership and the concentration of power among institutional investors.

Under the terms of the agreement, Vanguard is prohibited from engaging in activities that could influence the management or policies of FDIC-regulated banks or their subsidiaries. Vanguard confirmed that this prohibition aligns with its existing practices, as the firm is built around passive investing and has long pledged to maintain a non-interfering approach.

To ensure compliance, Vanguard will be monitored by the FDIC, particularly regarding any informal interactions it might have with the management of FDIC-regulated banks. The deal with Vanguard does not mention a similar arrangement with BlackRock, and BlackRock has not yet responded to requests for comment.