What is Plaid's role in open finance and open banking?
Plaid sits between apps and banks in open banking: Banking Dive reported in July 2025 that Plaid says it connects about 8,000 financial apps with roughly 12,000 financial institutions in the U.S., Canada and Europe. When the CFPB finalized its Section 1033 personal financial data rights rule on October 22, 2024, Plaid called it a landmark and said 80% of its network was on or committed to APIs. After the Bureau reopened the rule, Plaid's October 2025 comment letter argued that consumers must be able to share their data without tolls, that consumer-authorized third parties are covered representatives and that Congress never intended fees for data access. In September 2025 Plaid signed a renewed data-access agreement with JPMorganChase that includes a pricing structure; Plaid told American Banker it would not pass the fees on to its 7,000 fintech and bank clients. The 2024 rule is enjoined by a federal court in Kentucky, and in August 2026 the CFPB sent a reconsideration proposal for White House review that may allow fees after a number of free requests. In the UK, Plaid has cited 11 million open banking users and the FCA's plan for first open finance foundations by 2027. Plaid paid $58 million in 2021 to settle consumer privacy claims. It does not disclose open banking revenue.[1][2][3][4][5][6][7]
Data as of Oct 22, 2026 · Plaid profile updated Oct 22, 2026 · 15 sources cited on this page · 52 fintechs profiled on this site · Markdown
What has Plaid said and done on open banking rules and data access?
In date order. The JPMorganChase agreement itself is on the profile; these rows add the record around it.
| Position or event | What Plaid said or did | Date |
|---|---|---|
| Privacy class action settled | Plaid agreed to pay $58 million to resolve claims it obtained and used bank credentials and financial data without consent, and to change certain business practices; its counsel said the claims "do not reflect today's Plaid" | August 6, 2021[7] |
| Tools for data providers | Open finance solution of Core Exchange (released 2022, which helped hundreds of organizations build APIs to FDX standards), Permissions Manager and App Directory | July 31, 2024[8] |
| Final 1033 rule | Called the rule a "landmark" that can support pay-by-bank and cash-flow underwriting; 80% of Plaid's network on or committed to APIs; Plaid Portal lets consumers view and control connections | October 22, 2024[2] |
| Rule uncertainty | Perret said uncertainty around 1033 "will make for a period of chaos" and called for cementing consumer data ownership, minimum data and latency expectations, and liability rules worked out with banks | June 23, 2025[9] |
| JPMorganChase fee plan | Plaid referred questions to the trade groups FTA and FDATA-North America; Banking Dive said Plaid would be among the large fintechs affected | July 16, 2025[1] |
| JPMorganChase agreement | Neither side disclosed the price; people familiar said fees are fractions of a cent per data pull; Plaid said it would not pass them on and that the deal "establishes continuity" | September 16, 2025[4] |
| Comment on the CFPB's 1033 reconsideration | Consumers must control their data "without tolls or barriers"; consumer-authorized third parties are "representatives"; Congress never intended fees; keep GLBA Safeguards as the security standard and expand data scope to reduce screen scraping | October 21, 2025[3] |
| Data sharing with AI apps | Plaid lets consumers share financial data with hundreds of AI-native apps, including OpenAI and Perplexity, which agreed to the same data protection standards; "those consumer protections must travel with" data that leaves these frameworks | July 1, 2026[10] |
Where do US and UK open finance rules stand, and how does Plaid frame them?
In the US, the 2024 rule required covered institutions to make data available to consumers and authorized third parties and barred data-access fees. A federal court in Kentucky enjoined enforcement, and an appeal is stayed while the CFPB revises the rule; in August 2026 the Bureau sent a proposal titled "Personal Financial Data Rights Reconsideration" for White House review, PYMNTS reported.[5]
PYMNTS, citing Ballard Spahr and Bloomberg, reported that the CFPB was considering replacing the blanket fee ban with a regime letting data providers charge after a certain number of free requests, which would change the economics Plaid argued against in its comment letter.[5][3]
In the UK, a Plaid post in April 2025 cited over 11 million people using open banking and more than 24 million payments a month, and noted the FCA's plan to publish an open finance roadmap within a year, with first regulatory foundations by 2027. Perret has contrasted the industry-led US approach with the UK's prescriptive mandate, which he said initially slowed innovation.[6][9]
What does Plaid not disclose about its open finance business?
Plaid does not disclose what it pays JPMorganChase or any other bank for data access, how many banks charge it, or the share of its connections still running on screen scraping after the 80% API figure of October 2024.[4][2]
It also does not report open banking revenue, data-access costs or how its UK and EU entities perform; its network figures (8,000 apps and 12,000 institutions in July 2025; 12,000+ banks and financial institutions on its AI-companies page) are its own descriptions rather than audited numbers.[1][11]
What does the Plaid profile record on this topic?
The rows below are the entries of the Plaid AI strategy profile that bear on this page, as of Oct 22, 2026; the profile holds the full record of 17 dated moves, 11 use cases and 27 sources.
| Date | Move | Detail | Source |
|---|---|---|---|
| Oct 13, 2026 | JPMorganChase blocks outside AI agents from moving money | On JPMorganChase's Q3 2026 earnings call, CEO Jamie Dimon said the bank will not let outside AI agents such as Meta's Muse or Instinct log in and act on a customer's behalf, citing the risk of 'rogue agents... thousands of them'. A JPMorganChase spokeswoman confirmed to CNBC that agents can still read some account data, such as balances, in a read-only way if a connector like Plaid has the user's credentials, but cannot send money or pay bills; JPMorganChase is separately piloting its own internal cash-management AI tool, Smart Cash. | [12] |
| Sep 16, 2025 | Renewed data-access agreement with JPMorganChase | The renewed agreement includes a pricing structure; CNBC later reported that middlemen like Plaid had for years paid nothing to tap bank systems and that JPMorgan had signed updated contracts with aggregators making up more than 95% of data pulls on its systems. | [13][14] |
| Jan 12, 2021 | Visa abandons its $5.3 billion takeover of Plaid | Visa ended the deal about two months after the Justice Department sued to block it on antitrust grounds; the company said the decision was mutual, and Plaid stayed independent. | [15] |
What is Plaid's position on the CFPB's Section 1033 rule?
Plaid supported the October 2024 final rule, calling it a landmark. In its October 21, 2025 comment on the CFPB's reconsideration it argued that consumer-authorized third parties are covered representatives, that banks should not be allowed to charge for data access, and that GLBA Safeguards should remain the security framework.
Does JPMorganChase charge Plaid for data?
Yes. The two signed a renewed data-access agreement in September 2025 that includes a pricing structure. Neither disclosed the price; people familiar told American Banker the fees are fractions of a cent per data pull, and Plaid said it would not pass them on to its 7,000 clients.
What was the Plaid privacy settlement?
In August 2021 Plaid agreed to pay $58 million to settle consolidated class actions alleging it obtained and used consumers' bank login credentials and financial data without consent. It also agreed to business-practice changes; Plaid's counsel said the claims went back to the company's earliest days.
Is the US open banking rule in force?
Not as written. A federal court in Kentucky enjoined enforcement of the 2024 rule, and the appeal is stayed while the CFPB rewrites it. In August 2026 the Bureau sent a reconsideration proposal for White House review, which may let banks charge fees after a set number of free requests.
How does Plaid help banks meet open banking rules?
Through its open finance solution: Core Exchange, released in 2022, helps institutions build APIs to the FDX standard, and Permissions Manager and App Directory give visibility into consumer connections. Plaid said in October 2024 that 80% of its network was on or committed to APIs.
- Fintechs blast JPMorgan over data fees
- The CFPB's final 1033 rule and the future of open finance
- Strengthening financial freedom & competition: Plaid's submission on the CFPB's 1033 ANPR
- JPMorganChase reaches deal to charge Plaid for customer data
- CFPB Open Banking Rewrite Could Put Data-Access Fees at Center of Section 1033 Fight
- The FCA's 2030 Vision: The Time to Deliver Is Now
- Fintech firm Plaid agrees to $58 mln deal to end privacy case
- Navigating Section 1033 & open banking: A new solution for data providers
- Plaid Moves From Data Pipes to Identity Engine for Agentic Finance (interview with Zach Perret)
- Consumer Choice, Consumer Protection, and the Future of Finance
- The platform for building trusted AI experiences: Plaid for AI companies (undated page, retrieved 2026-10-19)
- JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts
- JPMorganChase and Plaid announce renewed data access agreement
- JPMorgan Chase wins fight with fintech firms over fees to access customer data
- Visa abandons takeover of Plaid after DOJ raises antitrust concerns
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