An exterior view of the new JPMorgan Chase global headquarters building at 270 Park Avenue on Nov. 13, 2025 in New York City.
Angela Weiss | AFP | Getty Images
JPMorgan Chase has secured deals ensuring it will get paid by the fintech firms responsible for nearly all the data requests made by third-party apps connected to customer bank accounts, CNBC has learned.
The bank has signed updated contracts with fintech middlemen that make up more than 95% of the data pulls on its systems, including Plaid, Yodlee, Morningstar and Akoya, according to JPMorgan spokesman Drew Pusateri.
“We’ve come to agreements that will make the open banking ecosystem safer and more sustainable and allow customers to continue reliably and securely accessing their favorite financial products,” Pusateri said in a statement. “The free market worked.”
The milestone is the latest twist in a long-running dispute between traditional banks and the fintech industry over access to customer accounts. For years, middlemen like Plaid paid nothing to tap bank systems when a customer wanted to use a fintech app like Robinhood to draw funds or check balances.
That dynamic appeared to be enshrined in law in late 2024 when the Biden-era Consumer Financial Protection Bureau finalized what is known as the “open-banking rule” requiring banks to share customer data with other financial firms at no cost.
But banks sued to prevent the CFPB rule from taking hold and seemed to gain the upper hand in May after the Trump administration asked a federal court to vacate the rule.
Soon after, JPMorgan — the largest U.S. bank by assets, deposits and branches — reportedly told the middlemen that it would start charging what amounts to hundreds of millions of dollars for access to its customer data.
In response, fintech, crypto and venture capital executives argued that the bank was engaging in “anti-competitive, rent-seeking behavior” that would hurt innovation and consumers’ ability to use popular apps.
After weeks of negotiations between JPMorgan and the middlemen, the bank agreed to lower pricing than it originally proposed, while the fintech middlemen won concessions regarding the servicing of data requests, according to people with knowledge of the talks.
Fintech firms preferred the certainty of locking in data-sharing rates because it is unclear whether the current CFPB, which is in the process of revising the open-banking rule, will favor banks or fintechs, according to a venture capital investor who asked for anonymity to discuss his portfolio companies.
The bank and the fintech firms declined to disclose details about their contracts, including how much the middlemen agreed to pay and how long the deals were in force.
Wider impact
The deals mark a shift in the power dynamic between banks, middlemen and the fintech apps that are increasingly threatening incumbents. More banks are likely to begin charging fintechs for access to their systems, according to industry observers.
“JPMorgan tends to be a trendsetter. They’re sort of the leader of the pack, so it’s fair to expect that the rest of the major banks will follow,” said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator.
Shearer, who worked at the CFPB under former director Rohit Chopra, said he was worried that the development would create a barrier of entry to nascent startups and ultimately result in higher costs for consumers.
Proponents of the 2024 CFPB rule said it gave consumers control over their financial data and encouraged competition and innovation. Banks including JPMorgan said it exposed them to fraud and unfairly saddled them with the rising costs of maintaining systems increasingly tapped by the middlemen and their clients.
When Plaid’s deal with JPMorgan was announced in September, the companies issued a dual press release emphasizing the continuity it provided for customers.
But the industry group that Plaid is a part of has harshly criticized the development, signaling that while JPMorgan has won a decisive battle, the ongoing skirmish may yet play out in courts and in the public.
“Introducing prohibitive tolls is anti-competitive, anti-innovation, and flies in the face of the plain reading of the law,” said Penny Lee, CEO of the Financial Technology Association, told CNBC in response to the JPMorgan milestone.
“These agreements are not the free market at work, but rather big banks using their market position to capitalize on regulatory uncertainty,” Lee said. “We urge the Trump Administration to uphold the law by maintaining the existing prohibition on data access fees.”
The landscape of institutional debt markets is undergoing a profound structural shift on July 21, 2026, as major corporate issuers and commercial banks rapidly accelerate the deployment of tokenized debt instruments. Data published by leading capital market consortiums indicates that primary issuances of digital commercial paper and tokenized corporate bonds have reached record volumes this month. By moving legacy debt origination, underwriting, and secondary distribution onto permissioned distributed ledgers, corporate treasurers are unlocking unprecedented operational flexibility and instantaneous cross-border liquidity.
The adoption of tokenized debt is fundamentally altering how enterprise balance sheets manage short-term liquidity needs. Traditional corporate bond settlement cycles historically required multi-day clearing processes involving numerous intermediaries, custodial entities, and clearinghouses. Through programmable smart contracts on distributed ledgers, issuers can now execute atomic settlement—enabling continuous, 24/7 access to institutional capital pools. This instantaneous clearing mechanism drastically reduces counterparty risk, eliminates costly settlement friction, and allows treasury teams to dynamically optimize working capital in real time.
A major catalyst driving this institutional migration is the establishment of comprehensive digital asset regulatory frameworks across major financial hubs. Clear legal guidelines regarding ledger-based securities ownership have provided institutional compliance officers with the regulatory confidence necessary to transition multi-billion-dollar liquidity facilities onto digital platforms. Furthermore, the integration of automated regulatory reporting directly into token smart contracts simplifies ongoing compliance audits, ensuring that secondary market trades automatically enforce investor accreditation limits and tax withholding requirements.
For chief financial officers and institutional portfolio managers, tokenized debt represents a fundamental evolution in fixed-income strategy. Companies that embrace ledger-based debt structures gain direct access to a broader, global base of digital-native institutional investors while substantially reducing borrowing overhead. As ledger interoperability continues to improve across global exchanges, tokenized debt is poised to become the standard infrastructure for global corporate finance.
Private credit has firmly established itself as a foundational pillar of global financial markets in 2026, transitioning from an alternative asset class into a dominant mechanism for middle-market corporate financing. Reports published in mid-July 2026 show that direct lending assets under management have expanded significantly, as corporate borrowers increasingly bypass traditional syndication desks in favor of customized private debt solutions. This structural migration has fundamentally altered corporate liquidity dynamics, providing middle-market enterprises with reliable access to tailored capital packages even during periods of regulatory bank tightening.
The primary driver of this continued growth is the structural flexibility inherent in private debt agreements. Unlike public bond markets or conservative commercial bank loans—which often carry rigid covenants and slow underwriting timelines—private credit funds offer speed of execution, flexible payment-in-kind structures, and customized debt-service frameworks. For companies undertaking strategic acquisitions, capital expenditures, or complex balance sheet recapitalizations, the ability to negotiate directly with a unified syndicate of private lenders provides significant certainty and confidentiality.
However, the expansion of private credit is attracting heightened regulatory attention and risk scrutiny. Financial regulatory bodies are closely evaluating the lack of secondary market price discovery and the potential concentration of illiquidity risks within non-bank financial institutions. Because private debt instruments are held to maturity and marked to model rather than marked to market, evaluating real-time enterprise valuations during economic shifts requires robust internal credit assessment standards. Analysts note that as loan portfolios mature, performance variations between disciplined lenders and aggressive underwriters will become increasingly apparent.
For corporate financial officers and institutional portfolio managers, private credit represents both a powerful strategic tool and a vital diversification strategy. Borrowers must weigh the higher nominal coupon rates of private debt against the tangible value of operational flexibility and execution certainty. Meanwhile, investors must maintain rigorous credit due diligence, prioritizing funds with proven restructuring capabilities and deep operational expertise in underwriting resilient middle-market businesses.
The integration of blockchain technology with legacy financial markets has reached a decisive tipping point in July 2026, driven by the rapid scaling of Real-World Asset (RWA) tokenization. Major global investment banks, custodial entities, and asset managers are actively shifting sovereign debt, commercial paper, and private fund shares onto permissioned distributed ledgers. Recent industry data confirms that the aggregate market capitalization of tokenized treasury products and private credit funds has surged past major milestones, illustrating that ledger-based settlement is no longer experimental, but core financial infrastructure.
The fundamental value proposition of asset tokenization rests on operational efficiency, continuous liquidity, and automated compliance execution. By embedding regulatory checks, investor accreditation limits, and automated coupon distributions directly into smart contract code, financial institutions eliminate vast amounts of manual back-office reconciliation. Furthermore, fractionalized ownership structures allow high-value asset classes—such as prime commercial real estate and private equity funds—to be split into accessible units, significantly expanding liquidity pools and enabling real-time collateral optimization.
A key catalyst behind this institutional momentum is the establishment of comprehensive regulatory clarity across major financial jurisdictions. The implementation of standardized digital asset frameworks in the United States and Europe has provided institutional compliance officers with the legal certainty required to deploy capital on-chain. As a result, premier custodian banks are now offering unified digital asset custody, seamlessly bridging traditional securities depositories with programmable ledger ecosystems.
Looking forward, the maturation of tokenized assets will continue to transform secondary market trading and treasury management. Corporate treasurers can now yield-optimize idle cash in real time by moving into tokenized money market instruments that settle instantaneously on a 24/7 basis. To remain competitive, financial leaders must ensure their institutional architectures are interoperable with modern digital ledger protocols, positioning their organizations at the forefront of modern capital market efficiency.
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