JPMorgan Hands Fintech Firms the Bill

JPMorgan told financial-technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to customer bank account information. It’s a tectonic move by the Wall Street giant that promises to upend the industry’s business model.

Data aggregators, those middlemen that connect banks (like Chase) to fintechs (like PayPal) just received a pricing menu. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies. In some cases, the proposed fees could eclipse the revenue certain companies generate on a single transaction by as much as 1,000%.