Plaid agreed to pay JPMorgan Chase for access to consumer financial data in September 2025, updating their data-sharing agreement with a structured pricing model. JPMorgan subsequently updated contracts with fintechs covering over 95% of data pulls on its systems.
US Open Banking Economics
Unlike Europe, where PSD2 mandates free API access to payment account data, the US has no regulatory requirement for banks to share data with third parties. The Plaid-JPMorgan deal establishes that banks can charge for API data access, fundamentally changing the economics of data aggregation.
Visa/Tink US Exit
The deal's significance was amplified by Visa's decision to shut its US open banking operations via Tink in August 2025, citing regulatory uncertainty and the prospect of bank-imposed data access fees. Visa refocused Tink on Europe and Latin America, where regulatory mandates ensure data access. This left Plaid, MX, and Mastercard's Finicity as the leading US players.
What This Means
The US open banking market is diverging sharply from Europe. Without regulatory mandates, large banks like JPMorgan have leverage to monetise data access, squeezing aggregator margins. This could slow open banking adoption in the US while European open banking payments scale - Tink hit EUR 100 million in single-day payment initiation volumes across 10,000 European merchants in 2025.