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Plaid has agreed to pay JPMorgan for customer data amid ‘open banking’ feud

September 16, 2025 //  by Finnovate

Plaid Inc. agreed to pay JPMorgan Chase & Co. for its consumer data, the latest accord in a battle between financial technology firms and banks over who can access the sought-after information. Plaid and JPMorgan confirmed the fees but wouldn’t disclose the amount. In addition to a fee structure, the updated pact includes commitments from both firms “to ensure that consumers can access their data safely, securely, quickly and consistently into the future.” The two firms already had a data-sharing deal in place that didn’t include fees. Plaid said the updated agreement wouldn’t affect current customer deals and pricing. “This extended agreement ensures ongoing access for the millions of Chase customers who rely on Plaid every day to connect with the products and services they trust,” Plaid Chief Operating Officer Eric Sager said. In the past, the bank has said Plaid and its peers “endlessly” access the bank’s customer data for free and then profit off it by charging others to use it. Others view the charges as an effort to limit innovation and potentially shut out up-and-coming competitors that threaten the bank’s customers. Plaid’s deal with JPMorgan, reached last week, also derailed a lawsuit fintechs were set to file against the bank over the data-access fees. The Financial Data and Technology Association of North America was set to file the lawsuit on behalf of its members and is now reconsidering its options.

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