(16 July 2025 – United States) JPMorgan is set to charge Fintechs for application programming interface (API) access to its customer data as payment based organisations in particular face higher costs.
The shift could adversely impact payment app business models which rely heavily on unfettered access to customer financial data to process transactions. The new fees are expected to take effect later this year but are subject to negotiation.
“The global debate over data access fees in open banking has intensified with JP Morgan reportedly planning to charge third parties for access to their APIs. While this development is US centric its implications are far reaching. There’s been plenty of discussion about whether banks should be allowed to charge Fintechs for customer consented data access. At the heart of the debate are consumer rights, innovation and the real cost of infrastructure” commented Konsentus COO, Brendan Jones.
“Should banks be allowed to charge? I believe the answer lies in finding balance. Basic data, like balances and transaction history, should remain free, given their role in financial service applications. But for more advanced or enriched data, compensation makes sense. It encourages banks to invest in reliable infrastructure and promotes long-term sustainability.”
“There’s no one-size-fits-all solution. But what matters most is clarity and consistency. Standardised, transparent pricing models are essential. They provide Fintechs with predictability to support their product development and go-to-market strategies, while enabling data holders to develop sustainable revenue streams to fund the technical infrastructure that underpins open banking.”
“We’ve invested significant resources creating a valuable and secure system that protects customer data. 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” a JPMorgan spokesperson stated.