Plaid to Pay JPMorgan for Customer Data Amid Open Banking Feud

Plaid Inc. has reached an agreement to pay JPMorgan Chase & Co. for consumer data, signifying a significant development in the ongoing negotiation between financial technology firms and established banks regarding data access. Sources close to the matter indicate that the fintech company and the largest U.S. bank have revised their data-sharing agreement to incorporate a formal pricing framework. Plaid specializes in connecting applications to consumer bank accounts. This new arrangement emerges against the backdrop of continued debate within the "open banking" sector concerning which entities are granted access to valuable financial information.