Jul. 14 at 7:15 PM
$JPM plans to charge financial tech co.s for access to customer data.
JPMorgan has sent pricing sheets to aggregators outlining the changes
JPM: "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,"
JPMorgan has "invested significant resources creating a valuable and secure system that protects customer data"
Fintechs rely on free access to customers' financial data to process transactions. The concern is that charging aggregators, which link banks and fintechs, for access to customer banking information, could lead to higher costs for fintechs & their customers.
Will proposed change survive an "inevitable legal challenge" under Section 1033 of Dodd-Frank Act, which permits consumers to access and share their financial data??
$PYPL $XYZ $AFRM $CHYM
