NEW YORK—JPMorgan Chase said it now plans to impose fees on fintechs for access to its customer bank account data.

According to Bloomberg News, the largest bank in the country has sent pricing sheets to data aggregators—the companies that serve as intermediaries between banks and fintechs–outlining new charges that may vary by use case, with payment-focused firms facing higher costs, according to the report.

“We’ve invested significant resources creating a valuable and secure system that protects customer data,” a JPMorgan Chase spokesperson told Bloomberg News. “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.”

Potential Disruption

In its analysis, Reuters noted the move could disrupt the business model of payment apps, which rely on free access to customers’ financial data to process transactions.

The new fees are expected to take effect later in 2025 but are subject to negotiation, the Bloomberg News report said.