JPMorgan says the Fintech mediators like Plaid “are largely imposed” their systems

Jpmorgan Chase Fintech – companies that have helped a new generation of financial applications communicate with traditional verification accounts – they dump the bank’s systems with unnecessary data requests.

“The compounds reach the customer’s data several times a day, even when the customer does not use the application activity.” Melissa Feldsher. “These arrival requests impose taxes on our systems significantly.”

Of the 1.89 billion data requests from the center who struck JPMorgan systems in June, only 13 % began by a transactions agent, according to the memo, seen by CNBC.

A person with knowledge of the memo that she refused to define amid talks between JPMorgan and Fintechs said.

Jpmorgan, the largest American bank by assets, is Preparation To charge brokers new drawings to reach the systems that it says are increasingly expensive. People who have knowledge of the issue said that negotiations between JPMorgan and Fintech mediators are continuing, but the new drawings can start with just October.

The bank’s step may lead to turmoil in the ecosystem of technology, which flourished as two complexes, including Engraved and MX Connecting traditional banks with the latest expatriate. API has been free for years, enabling Fintech Upstarts to provide accounts with verification or trading services without following.

The situation changed in May after the financial consumer protection office made a proposal To support Banking suit Seek to end the so -called “open banking base”.

This rule, which was completed by CFPB in the Biden era in the months hanging of that administration, Spinning The banks had to provide data to the approved parties for free. A week after Al Qaeda, CEO of Jpmorgan Jimmy Damon The bankers called for “fighting“Against what he said was unfair regulations.

This month news that Jpmorgan was planning to impose fees on customer data, Bloomberg mentioned for the first time, It led to accusations from investment capital investors and executive managers at Fintech and Crypto that JPMorgan was participating in “Competitiveness, Searching for rent Behavior “by offering walls on customer data.

But Jpmorgan says it carries the increasing costs of maintaining the infrastructure needed to rise in folders, as well as high fraud claims associated with the payments made in the Fintech ecological system.

The total volume of API calls by JPMorgan may double more than twice in the past two years, according to the memo.

The transactions involved in funds were sent on ACH electronic transactions 69 % more likely to fraud claims if they participated in data brokers, according to the memo.

Jpmorgan has witnessed about $ 50 million in fraud claims from ACH transactions that started through the two compounds, which is the number that the bank expects three times within 5 years.

Of the 13 Fintech companies that followed in the bank’s memo, more than half of all of June, with 1.08 billion API requests, came from one company. Although companies are not naming, CNBC learned that the largest data player Engraved.

JPMORGAN data shows only 6 % of Plaid API calls started by customers.

The proposed fees schedules that are distributed by JPMorgan can perform $ 300 million In the new annual fees, according to the Forbes report.

The rest of the companies that followed in the JPMorgan document are much smaller entities; Only four other brokers recorded more than 100 million API monthly calls.