The Battle Over Data Access Between Fintech Startups and Banks

JPMorgan Chase and PNC, two of the largest banks in the country, are increasingly at odds with companies like Plaid and Yodlee over access to banking information; JPMorgan says it wants to remove screen scraping and instead require companies to negotiate a standardized set of data fields that they can request; PNC has already started limiting the kinds of information that aggregators like Plaid can access; in Europe rules around open banking have been in place for some time but no such framework exists yet in the U.S.; one piece that banks are particularly concerned about is around data protection and liability in case a customer’s bank information is stolen from a data aggregator. Politico

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