JPMorgan Chase has reportedly informed financial technology companies that they must pay for customer data.

J.P. Morgan has notified fintech companies that it will be charging up to hundreds of millions of dollars to access customer bank account information. This move could disrupt the existing business models of the entire fintech industry. According to sources, the largest bank in the United States has sent a price list to data aggregation firms that connect banks with fintech companies, detailing the new fee structure. The amount charged will vary depending on how companies use the information, with higher fees for companies related to payments. As the information involved is confidential, these sources have requested to remain anonymous. A spokesperson for J.P. Morgan stated that the bank has invested a significant amount of resources in establishing a secure system to protect consumer data.