JPMorgan says fintech middlemen like Plaid are ‘massively taxing’ its systems with unnecessary pings

Key Points

JPMorgan Chase said that the fintech middlemen that have helped a new generation of financial apps connect with traditional checking accounts are flooding the bank’s systems with unnecessary data requests.
Of 1.89 billion data requests from middlemen hitting its systems in June, only 13% were initiated by a customer for transactions, according to an internal JPMorgan memo seen by CNBC.
The majority of data pulls, known as API calls, were for purposes ranging from helping fintech companies improve their products or prevent fraud to other efforts including harvesting data for sale, said a person with knowledge of the memo.

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