JPMORGAN says FINTECH MIDDLEMEN as a Plaid “massively taxed” their systems with non -sophistication pinga

JPMORGAN Chase They mentioned FINTECH MIDDLEMEN – companies that help the new generation of financial applications that associate with traditional control accounts – flood the Bank systems with unnecessary data requirements.

“The aggregators approach customers several times a day, even the customer does not actively use the application,” wrote JPMORGAN Systems employee last week in an internal note on retail payments Melissa Feldsher. “These applications for access are massively taxed by our systems.”

In June, JPMorgan systems were hit in June in June in June, according to the note seen by the CNBC, only 13% started only 13%.

Most data moves, known as the API call, were to improve their products or prevent fraud for other efforts, including harvesting for sale, a person with knowledge of a note that refused to identify in the middle of interviews between JPMorgan and Finechs.

JPMorgan, the largest US bank according to assets, is preparing to account for new fees for access to the system, which he believes are increasingly expensive. Negotiations between JPMORGAN and FINTECH MIDDLEMEN are underway, but new fees could begin as soon as the Octuber, people said with knowledge of the matter.

The bank’s movement could lead to the shocks in the ecosystem of Tench, which blurred when the aggregators included Plaid and MX combined traditional banks with new arrivals. The API has been free of charge for years, allowing mediators to benefit from the sale of ConfineTechs, which in turn offered an account with inspection or trading free of charge.

The situation changed in May after the Consumer’s financial protection office filed a proposal to support the action in the banking industry trying to end the so -called “open banking”.

This rule, completed by the CFPB biden in the diminishing months of this administration, ordered that banks have to provide free parties to authorized parties. At the weekend after passing the rules, JPMorgan CEO called Jamie Dimon a banker to “defend” against what he said are unfair regulations.

This month’s reports that JPMorgan plans to charge accounts for customer data, first postponed by Bloomberg, led to accusations of investors of risk capital and fintets and Krypto managers, which JPMorgan involved in “behavior against competent, rear”.

However, JPMorgan says that it carries rising the cost of maintaining the infrastructure needed to increase the volume, as well as increased claims for fraud -related fraud made in the Fintech ecosystem.

According to the note in the last two years, the total volume of calls received by JPMORGAN has more than doubled in the last two years.

Transactions involving money for cash transactions with electronic ACH transactions were 69% more likely that they would result in fraud claims if they were concerned with birth data, according to the note.

JPMorgan has seen about $ 50 million for fraudulent requirements from ACH transactions launched via aggregators, a number that the bank expects to triple within 5 years, said.

Among the 13 Finch Companies tracked in the bank’s note, more than half of all June activities with 1.08 billion API requirements from one company came. Although companies are not named, CNBC has learned that the big player represents in the data, it is Plaid.

JPMORGANA data show that customers have started only 6% of PLAID API calls.

Plaid stated in the persecution of CNBC that this number “distortion of the way in which data works” because customers start when customers grant permission to complete companies when registered to the account. Many races customers carefully read long pages of the “Terms and Conditions” before opening new accounts that contain data sharing.

“The bank’s call, when the user is not present, as soon as he is harassing, is a standard industrial practice supported by all the main banks to obtain critical warnings of pumping or suspicious activities,” Plaid CNBC said.

Plaid also stated that we are “misleading”, even if it has not worked.

“It is not surprising that the volume of access to data increases, along with consumers’ demand to financial instruments that are smarter, faster and adapted to their needs,” Plaid said.

“To be clear, we believe it is essential that the ecosystem of data sharing works for all, including consumers, Fintech developers and financial institutions – many of which use open banking in their own products,” the company said.

According to Forbes, the proposed plans of fees sent by JPMORGAN could lead to Plaid to pay $ 300 million in new annual fees.

The rest of the companies monitored in the JPMORGan document are much less entities; Only four other intermediaries registered more than 100 million monthly API calls.

If the courts are canceled the “open banking” rule from Biden, the main question is not where the intermediaries will have to pay for the data but how much they will have to pay.

Back and Kerfth between JPMORGAN and intermediaries is a private process that spills into a public perspective to reach a new reality that is acceptable to everyone.

JPMORGan conducted productive conversations with several data aggregators who recognize that they can change the way they pull data if it has not been free, according to a person with knowledge of negotiations.

“I think both sides fully acknowledge that there are things that could do for the correct size of the conversation of calls,” the person said.