The biggest bank in the US, JPMorgan, will begin charging financial technology companies for a typically free service.
JPMorgan Chase has informed fintech companies such as PayPal, Venmo and Coinbase that they will need to begin paying to access their customers’ bank account information, Bloomberg reports.
The companies use the information to make it easier for their customers to send, receive and trade money. JPMorgan is reportedly poised to collect hundreds of millions of dollars in fees for the service.
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A spokesperson for the bank told Bloomberg that JPMorgan has invested a significant amount of resources in creating a secure system that protects consumer data.
“We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in
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