Latest news with #dataaccess
Forbes
16-07-2025
- Business
- Forbes
JPMorgan Chase Is Right To Charge Fintechs For Data Access
WASHINGTON, DC - SEPTEMBER 22: JPMorgan Chase & Co CEO Jamie Dimon arrives for a Senate Banking, ... More Housing, and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC. The committee held the hearing for annual oversight of the nation's largest banks. (Photo by) OBSERVATIONS FROM THE FINTECH SNARK TANK JPMorgan Chase notified fintech data aggregators that, starting later this year, it plans to charge for access to customer data. Not surprisingly, the responses from the fintech community has been negative and, unfortunately, often overstated or flat out wrong. No amount of belly aching will change the fact, though, that the bank has a right--and is right--to charge for data access. The Fintech Overreaction Phil Goldfeder, CEO of the American Fintech Council, said Chase's announcement will "harm the very families a safe financial system is meant to serve." Penny Lee, the Financial Technology Association's CEO added: 'This action is designed to crush competition, hold back American innovation, and lock consumers into bank-only products.' Lee is spot on regarding her first point and partially correct on the third: Other commenters have been equally off-base. One well-known fintech influencer commented on LinkedIn, "So in essence, as consumers, we would end up paying to get access to our own data?" No. You won't pay to access your data. Jonathan Awad, CEO of fintech Baselayer, posted on LinkedIn, "The same group fintech is supposedly 'financially including' will be the first to get ignored." Not true--they're Chase customers--so they're already included. The fintechs who serve those customers can't afford to 'ignore' them. What the Chase Announcement Is Really All About Chase's decision to charge fintechs isn't a data rights issues, it won't hold back American innovation, and it isn't going to harm families the financial system is meant to serve. It's about two things: Speaking of margins, FinanceCharts says Plaid's 5-year average gross margin is 72%. As Jeff Bezos would say, "your margin is my opportunity" and that's exactly what Dimon is going after. Prediction: Aggregators will negotiate with Chase and offer to provide data back in exchange for lower or no costs. Either way, a brilliant move by Chase. The CFPB Says It Was OK To Charge Fees Chase's announcement comes after the CFPB's November 2024 rule to implement Section 1033 of the Consumer Financial Protection Act of 2010. Hailed by many in the banking industry as bringing 'open banking' to the US, the rule mandates that banks provide consumers with access to their personal financial data upon request. The rule mandated that banks must make data available to consumers and their authorized third parties without charging the consumer a fee. Banks can charge fees to third parties (like fintechs or aggregators) as long as the fees are: 1) reasonable; 2) not used to undermine access; and 3) not discriminatory or anticompetitive. Assuming Chase does implement fees (a good assumption, as reportedly they're already talking to the data aggregators about them), then the next battle will be about the 'reasonability' of the fees. Prediction: This will be a multi-year battle, recalling the battle over interchange where the government established estimates for what it cost banks to provide card transactions. If this battle comes up during the Trump administration, don't expect a similar result. With billions and billions of annual technology spend, Chase--and other big banks--will establish that the costs to manage, protect, and securely share data are quite high. The 'Open Banking' Problem At the heart of this discussion on fees for data sharing is the future of open banking. The fintech and financial data industries are bemoaning the 'death" of open banking under the Trump-era CFPB. In his LinkedIn post, Baselayer CEO Awad commented, 'JPMorganChase wants to charge for open banking data now.' Open banking data? What is 'open banking data'? Better yet, what is open banking? The answer depends on who you are. The contradictions tend to focus on: As a result, the term 'open banking' has become nearly meaningless. And proponents of open banking—whatever it might be—who believe that 'consumers want it' should check a Q4 2023 Axway survey which found that only 55% of Americans have heard of open banking, and just 32% say they understand it.
Finextra
14-07-2025
- Business
- Finextra
JP Morgan to charge fintechs for customer data
Fintechs wanting access to banks' customers' data may have to pay for the privilege, according to a report from Bloomberg on US bank JP Morgan. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The report states that JP Morgan is planning to impose fees on companies wanting to access its clients' bank account data and has gone so far as sending pricing sheets to data aggregators - the intermediaries that link banks and fintechs. According to the report, the pricing fees will vary by use case with firms from the payments sector likely to be charged the most. "We've invested significant resoruces creatring a valuable and secure system that protects customer data," stated a JP Morgan spokesperson featured in the Bloomberg report. "We've had productive conversations and we are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe." The fees are slated to be imposed later this year, subject to negotiation. Should they take effect, it would be a significant disruption to payment processing platforms and other fintechs that rely on free access to customer data. Banks are currently pushing for lighter regulation under the current regime in the US. However, it is less clear whether the same step would be allowed in other jurisdicitons, especially the EU where free access is a key part of the open banking principle. It is a similar scenario in the UK where the government has just issued the Data (use and access) Bill which is designed to support the expansion of open banking by enabling users to share their data with a wider range of third-party providers.
Yahoo
11-07-2025
- Business
- Yahoo
Paypal stock falls after JPMorgan plans data access fees
-- Paypal (NASDAQ:PYPL) stock fell 3.8% and Block, Inc (NYSE:XYZ) dropped 2.8% after reports that JPMorgan Chase & Co. (NYSE:JPM) plans to charge fintech companies for access to customer data. According to Bloomberg, JPMorgan has distributed pricing sheets to data aggregators outlining new fees that could amount to hundreds of millions of dollars. These aggregators serve as intermediaries connecting banks and fintech companies. The fees will vary based on how companies utilize the information, with payment-focused firms facing higher charges. The new fee structure is expected to be implemented later this year, pending the outcome of a Biden administration regulation. The charges are not yet finalized and could be subject to negotiation. A JPMorgan spokesperson stated that the bank has made significant investments to create a secure system protecting consumer data. "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," the spokesperson said. The move by the largest U.S. bank could potentially disrupt business models across the fintech industry, as companies that have previously accessed customer banking information without direct charges would now face substantial fees for this data access. Related articles Paypal stock falls after JPMorgan plans data access fees Air India crash probe reveals pilot cut fuel flow to engines S&P 500 falls after Pulte claims Powell considering resignation
Yahoo
09-07-2025
- Business
- Yahoo
datma Launches Federated Biomarker Explorer with Free Access to Help Pharma Validate Real-World Data Coverage
Pharma teams can now assess biomarker coverage across datma's federated network with no cost, contracts, or IT support required. BEAVERTON, Ore., July 9, 2025 /PRNewswire/ -- datma, a leader in federated real-world data access, today announced the launch of the Federated Biomarker Explorer, a new application that allows pharmaceutical teams to evaluate real-world biomarker coverage across datma's federated network of participating data contributors before entering into a formal data partnership. This tool is designed to help teams answer a critical question early in the data sourcing process: Does this dataset contain the patient populations we need? The Federated Biomarker Explorer provides aggregate, cohort-level visibility into biomarker presence across the datma federated network. Teams can filter by a range of clinical and demographic attributes to assess feasibility. No data integration, procurement involvement, or internal IT support is required, making the application immediately accessible for teams looking to validate coverage before taking the next step. If alignment is found between datma's network and a team's target population, users can choose to link their own data to conduct a formal overlap analysis. This is done securely, without centralizing or transferring sensitive patient-level data. "Pharma teams often find themselves committing time and resources into exploratory conversations or technical scoping before they can even determine whether a dataset is relevant," said Robin Edison, the VP of Product at datma. "This tool lets users quickly answer the question: is this data feasible for my use case?" The launch supports datma's broader goal of reducing friction in real-world data collaboration by making the evaluation process faster and lower risk. Instead of requiring lengthy intake processes just to understand what's in a dataset, the Federated Biomarker Explorer offers visibility and usability from the start. "We believe access should begin with clarity," said Noah Nasser, CEO of datma. "Teams shouldn't need to invest time, budget, or legal resources just to learn whether a dataset can support their goals." For users who identify a fit and choose to move forward, enables federated analysis across internal and external datasets without moving or centralizing sensitive information. This allows teams to augment their existing data with targeted real-world cohorts, helping address specific research or market access questions that fall outside the scope of their current assets. By filling gaps rather than replacing what's already in place, datma offers a faster, more efficient path to insights. The Federated Biomarker Explorer is now live and available to pharmaceutical and life sciences teams. To learn more or request access, visit About datma datma is transforming how healthcare is accessed and shared through a secure, federated ecosystem that enables collaboration between data custodians and data consumers. Headquartered in Beaverton, OR, datma's flagship platform, powers a two sided marketplace for real-world healthcare data that supports compliant, privacy-preserving collaboration without requiring data to move or sacrificing institutional control. leverages advanced data storage, AI-enabled tools for harmonizing multimodal datasets, and federated query capabilities. The platform is designed to maximize data utility while requiring minimal technical effort from participating organizations. It allows data custodians to generate secondary revenue streams and reinvest in innovation while maintaining control over their data, while helping data consumers access diverse, high-quality, de-identified data that augments existing datasets and supports evidence generation at scale. By addressing longstanding challenges in data access, privacy, and utility, supports the evidence generation needed to advance precision medicine. For more information, visit Media Contact:Vikki HerreraOak Street Communicationsvikki@ View original content to download multimedia: SOURCE datma, Inc Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
Qantas confirms over a million customers' personal information leaked
(Reuters) -Australia's Qantas Airways said on Wednesday more than a million customers had their phone number, birth date or home address accessed in one of the country's biggest cyber breaches in years.
