PANews reported on July 21 that according to Fortune magazine, last month, when JPMorgan Chase informed financial technology companies that it plans to charge for accessing their customers' bank account data, this move sparked strong reactions across multiple areas of the financial industry. According to four industry executives, this move is a blow to the financial technology industry and could have devastating effects on early-stage startups, including cryptocurrency startups. However, analysts believe that mature financial technology companies like PayPal and Block (formerly Square) may not be significantly impacted by this fee adjustment.
According to the plan, whenever consumers transfer funds from JPMorgan Chase to a cryptocurrency account or third-party services like Robinhood, the bank may charge data aggregators. Crypto companies and financial technology companies typically use aggregators like Plaid or MX to access customer accounts from major financial institutions such as JPMorgan Chase. So far, banks have not charged financial technology companies, but this could change. It is widely expected that aggregators will pass on the new fees to financial technology clients, with some potentially even passing the costs on to consumers.
