Unlike the UK, the US does not have a regulator-led open banking system, meaning that banks, data aggregators and third party fintechs have tussled over the best way to ensure customers can safely and simply share their information.
JPMorgan Chase has sent fintechs a letter warning that they will be cut off from retrieving customer information unless they sign up to a new data access agreement, according to Reuters.
The letter, sent in January, tells fintech firms that they must sign onto a “concrete plan” by July to move from methods such as screenscraping and using customer passwords to a new data collection method
JPMorgan Chase gives fintechs data access deal deadline at FinExtra