Payments giant Stripe is asking US regulators to intervene with JPMorgan Chase after the bank introduced a new policy that charges fintech companies to access customer financial data.
Earlier this year, JPMorgan (JPM) told fintech companies such as PayPal, Stripe and Coinbase that they will need to begin paying to access their customers’ bank account information, bringing the bank hundreds of millions of dollars in new profit.
[adinserter block="1"]The companies use the information to make it easier for their customers to send, receive and trade money.
JPMorgan CEO Jamie Dimon defended the decision, despite the heavy pushback from the industry.
Now, Stripe, one of the firms affected by JPM’s new policy, has appealed to the US Consumer Financial Protection Bureau (CFPB), warning of its ramifications.
“Consumer financial innovation over the past 15 years has, in large part, taken place outside the traditional banking system, and relies on the consumer’s ability to link their bank account to access account data for free. Some of these innovations are now ubiquitous and essential to modern financial services, including peer-to-peer payment applications, pay-by-bank, automatic savings, earned wage access, buy-now-pay-later, crypto wallets, and much more. Thousands of startups and small businesses leverage these capabilities to provide lower-cost and more convenient ways for consumers to make everyday payments.”
Stripe, which handled $1.4 trillion in payments volume in 2024, says that Chase’s new fees will stifle innovation, hurting small businesses and the average American household more than anyone else.
“These higher payments-related fees will impede innovation in payments, including cryptocurrencies and agentic commerce. Stripe is deeply concerned that if such fees are permitted to go into effect, thousands of businesses and millions of consumers will suffer irreparable harm before the CFPB can finalize a rule that prohibits or limits such fees. As a result, startups and small businesses will face higher transaction costs to provide convenient payment experiences, and American households will lose access to convenient, cheap ways to make everyday payments.”
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