Innovation

JPMorgan Launches ‘In-Residence’ FinTech Startup Program

JPMorgan just launched its own version of a FinTech accelerator, but with a twist.

That’s all part of JPMorgan’s Corporate and Investment Bank’s new strategy for a program called In-Residence, a FinTech startup-like lab designed to help young companies overcome industry challenges.

JPMorgan is setting itself apart from a traditional accelerator by inviting these companies to sit with the bank’s businesses so they can develop innovations that are specifically needed in the industry. This means addressing how to innovate them in a way that can make them operate faster, safer and cheaper.

“In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by JPMorgan’s global resources,” said Sanoke Viswanathan, Chief Administrative Officer of J.P. Morgan’s Corporate & Investment Bank. “By giving them unparalleled access to JPMorgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry.”

The FinTech company that will participate in this program will join the bank’s team for six months, which will also give them access to JPMorgan’s facilities, systems and expertise. After the program is over, the participants will maintain control over the innovations and have the opportunity to continue a relationship with JPMorgan to bring the solution to market.

The launch of the In-Residence program aligns with JPMorgan’s focus on investing more in the technology sector, which includes everything from blockchain and robotics to big data. In 2015 alone, JPMorgan spent more than $9 billion on technology — 30 percent of which went toward new investments. Each day, JPMorgan’s Corporate and Investment Bank processes and monitors approximately $5 trillion of payments, trades and settles $1.5 trillion of securities.

“Our industry is going through a transformational time, driven by competition, regulation and advancements in technology,” said Daniel Pinto, CEO of the Corporate & Investment Bank. “As a leading global bank, we are committed to driving industry change by investing heavily in internal development, but also by collaborating with the talent of determined, young startups.”

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The May 2019 AML/KYC Tracker, provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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