JPMorgan Chase & Co has told financial technology companies that they will be ba...
) has told financial technology companies that they will be barred from accessing its customer information by July 30 if they do not sign data access agreements with the bank and agree to a plan to stop using customer passwords to gather the data.
Otherwise, JPMorgan will block all automated access to the data, including through so-called screenscraping, or the process of collecting data from one application to use it in another, the people said. Fintech startups, such as those that offer budgeting apps or digital wealth management, usually connect to a user’s bank account to gather the necessary data to provide their services. Some gather the data through aggregators such as Visa Inc -owned Plaid or Yodlee, while others request that customers provide their password.
Fintechs have been skeptical, arguing that it should be up to consumers, not banks, to decide what companies can look at that information.
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