Open Banking

JPMorgan Chase has finalized agreements with fintech intermediaries, including Plaid and Yodlee, representing over 95% of data pulls from its systems, to guarantee compensation for customer data access. This resolves a long-standing dispute over data sharing. The agreements, while touted as a free market solution by JPMorgan, are viewed by some as anti-competitive and a barrier to entry for smaller fintech companies. The move could influence other banks to charge for data access, reshaping the open banking landscape, sparking concerns about its impact on innovation and consumer costs.