Plaid to Pay JPMorgan for Customer Data Amid Industry Feud

Plaid Inc., a financial technology company, has agreed to pay JPMorgan Chase & Co. for access to its customer data. This agreement is the latest development in the ongoing industry-wide feud over who can access and utilize this valuable customer information. The deal comes as financial technology firms and banks continue to grapple with the issue of data access and control. Plaid, which connects consumers' bank accounts to various financial apps, has been at the forefront of this debate, as it seeks to obtain customer data from banks to provide its services. The agreement between Plaid and JPMorgan Chase suggests a potential shift in the industry, where financial technology firms may need to compensate banks for customer data. This move could have broader implications for the industry, as it highlights the growing importance of data and the continuing power struggle between banks and fintech firms.