Financial technology middlemen reportedly sent investment banking giant JPMorgan Chase 1.89 billion data requests in the month of June.
In an internal company memo reviewed by CNBC, a JPMorgan systems employee noted that only 13% of those requests were initiated by a customer for transactions.
“Aggregators are accessing customer data multiple times daily, even when the customer is not actively using the app. These access requests are massively taxing our systems.”
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An anonymous source with knowledge of the memo tells CNBC that the requests often involve helping fintech companies bolster their products or stop fraud.
Earlier this month, JPMorgan informed fintech companies such as PayPal, Venmo and Coinbase that they will need to begin paying to access their customers’ bank account information, a move that
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