JPMorgan Chase is drawing a new line in the sand. Amid a dramatic surge in API traffic, the banking giant plans to impose fees on fintech aggregators accessing its data — a move likely to reshape the fintech data economy.
According to an internal memo reviewed by CNBC, JPMorgan recorded 1.89 billion API requests from data aggregators in June 2025 alone. Strikingly, just 13% of those requests were tied to customer-initiated activity. The remainder consisted largely of passive data pulls — often used for analytics, risk engines, and third-party product features.
With data volumes skyrocketing, JPMorgan says it can no longer afford the operational costs and security risks associated with this unchecked traffic.
Why JPMorgan Is Taking a Stand
The memo highlights a rising concern: non-transactional API traffic is placing disproportionate strain on the bank’s infrastructure. One aggregator — reportedly Plaid, according to sources — accounted for over 1.08 billion API calls in a single month. Alarmingly, just 6% of those requests came from active user interactions.
Bank officials cite this data overload as a growing fraud risk. ACH (Automated Clearing House) transactions tied to aggregators are 69% more likely to result in fraud claims, amounting to $50 million in fraud-related losses this year alone. JPMorgan estimates that figure could triple in five years if left unaddressed.
In response, the bank will begin charging aggregators for system access — with October 2025 as a possible rollout date. Negotiations are already underway with major players, including Plaid, Yodlee, and MX.
API Volume: Doubling in Two Years
The fee decision also reflects the doubling of API traffic over the past two years. As fintech apps grow more reliant on real-time bank data, the volume of background refreshes — balance checks, alert systems, automated analytics — has exploded.
To JPMorgan, these frequent data pings amount to digital wear and tear. It’s a cost the bank argues it can no longer absorb on behalf of third-party businesses.
Sources familiar with the matter say the bank is not aiming to stifle innovation — rather, it wants to encourage more efficient data usage. The goal is to distinguish between legitimate, consented user activity and excessive, passive scraping that offers little benefit to end customers.
Regulatory Crossroads: CFPB’s Open Banking Rule in Question
JPMorgan’s decision comes at a critical regulatory moment. Meanwhile, the courts are currently reviewing challenges to the Consumer Financial Protection Bureau’s (CFPB) long-debated “open banking” rule, which requires banks to share customer data with authorized third parties for free.
Initially introduced to promote transparency and competition, the rule has faced backlash from traditional financial institutions. JPMorgan CEO Jamie Dimon has been a vocal critic, arguing the rule creates undue pressure on banks to provide free infrastructure to competitors.
If the court challenge succeeds, it could clear the way for more banks to follow JPMorgan’s lead and charge fees for data access.
Industry Pushback and Potential Fallout
Predictably, the fintech world is sounding the alarm. Startups and investors accuse JPMorgan of building a “paywall around data”—a move that threatens the survival of consumer-focused apps dependent on frequent, free API access.
Aggregators like Plaid and Yodlee — which have long operated on a no-cost access model — now face the potential of hundreds of millions of dollars in new fees annually. According to Forbes, Plaid alone could be hit with $300 million in fees based on current traffic levels.
That’s prompting some firms to re-evaluate their pricing models, product features, and data refresh strategies.
What This Means for the Future of Open Banking
JPMorgan’s move isn’t just a policy shift — it’s a harbinger of what’s to come. As digital banking infrastructure continues to mature, the industry may, in turn, be evolving toward a model where customer consent no longer guarantees free access.
If other banks follow suit, the cost of fintech innovation could rise, and open banking may become more closed and commercialized.
For now, all eyes are on October — and how fintech players will respond when access comes with a bill.