Fintech Takes Fintech Recap: Chase vs. Data, Congress vs. Crypto
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Jul 30, 2025 Explore JPMorgan Chase's bold pricing strategy for open banking API access, raising concerns about the future of fintech and consumer data access. Delve into the passing of the Genius Act, which introduces a federal framework for stablecoins, and its implications for banks and DeFi. The hosts also discuss the ethical issues surrounding prediction markets that bet on personal events, alongside amusing anecdotes from their Washington, D.C. visit, painting a vivid picture of the political context affecting financial innovations.
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Chase's Aggressive Open Banking Pricing
- JPMorgan Chase plans to charge fintechs up to 10x more for payments data access than currently charged by aggregators.
- This pricing aims to make payments use cases economically unviable, effectively reshaping open banking access.
Payments Access Pricing Strategy
- Chase charges much more for payments access despite payments use cases being less infrastructurally burdensome.
- This reflects strategic intent to protect their payments business, especially Pay by Bank.
Screen Scraping is Impractical Now
- Returning to screen scraping to bypass costly APIs is impractical at large scale and easily detected by banks.
- Fragmented, unauthorized scraping poses security risks and customer service burdens on banks.
