JPMorgan Requires Fintechs to Pay for Customer Data Access Amid 1.89 Billion Monthly Requests

JPMorgan Chase is grappling with an unprecedented influx of customer data requests from financial technology firms, with fintech aggregators reportedly submitting 1.89 billion data inquiries in June alone. According to an internal company memo reviewed by CNBC, only 13% of these requests were initiated by customers for actual transactions, while the rest were attributed to automated access by fintech platforms, often occurring multiple times per day even when users were not actively engaged. These access requests are described as “massively taxing” the bank’s systems, underscoring growing concerns about the operational strain caused by the high volume of third-party data queries [1].

An anonymous source with knowledge of the situation explained that many of the requests are used to help fintech companies improve their products or detect and prevent fraud [1]. However, this has led to a strategic shift by JPMorgan, which has begun requiring fintechs to pay for access to customer banking information. The move, announced to firms like PayPal, Venmo, and Coinbase, has sparked controversy in the digital asset sector. Tyler Winklevoss, co-founder of Gemini, accused JPMorgan of attempting to undermine fintech and crypto businesses. He further claimed that JPMorgan CEO Jamie Dimon is trying to undermine President Donald Trump’s efforts to position the U.S. as a global crypto leader [1].

Dimon defended the policy during JPMorgan’s second-quarter earnings call. He emphasized the bank’s support for customer control over data sharing and argued that users should be made aware of what information is being accessed, for how long, and with what restrictions. He also highlighted the costs associated with maintaining secure APIs and protecting the system, stating that the fees are justified as long as the process is conducted properly [1].

The dispute underscores the intensifying tensions between traditional banks and fintechs over data access and monetization. JPMorgan’s decision is a strategic move to assert control over its data infrastructure while generating additional revenue. However, the backlash from fintech leaders suggests the policy may disrupt the broader ecosystem of digital financial services, especially for platforms that rely on linking bank accounts to crypto exchanges and payment services [1].

Source: [1] [Fintechs Flood JPMorgan With 1,890,000,000 Customer Data Requests, 'Massively Taxing' Bank's Systems, According to Insider](https://dailyhodl.com/2025/07/30/fintechs-flood-jpmorgan-with-1890000000-customer-data-requests-massively-taxing-banks-systems-according-to-insider-report/)