NEW YORK--(BUSINESS WIRE)--J.P. Morgan’s Corporate & Investment Bank today announced the launch of In-Residence, a program for startup financial technology companies to conquer some of the industry’s most pressing challenges.
Unlike a typical lab or accelerator, J.P. Morgan is inviting startups to sit ‘side by side’ with its businesses in order to develop innovations that could revolutionize the sector, enabling banks to operate faster, safer and at a lower cost.
“In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by J.P. Morgan’s global resources,” said Sanoke Viswanathan, Chief Administrative Officer of J.P. Morgan’s Corporate & Investment Bank. “By giving them unparalleled access to J.P. Morgan’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.”
Emerging fintech companies that become residents will join the bank for six month periods and have access to J.P. Morgan’s facilities, systems and expertise. Residents will retain control of their innovations and may receive continued support from the bank even after the residency period in an effort to bring their solutions to market. Applicants can apply to the program at www.jpmorgan.com/in-residence, where J.P. Morgan will publicly list challenges that In-Residence is seeking to tackle. Applicants will be accepted on a rolling basis and each challenge will have its own residency timeline.
J.P. Morgan has stressed the importance of technology investment in recent years, ranging from blockchain to robotics to big data. The bank spends more than $9 billion a year on technology and in 2015, approximately 30% of that budget went toward new investments. In the Corporate & Investment Bank, technology plays an essential role across multiple businesses. Each day, it processes and monitors approximately $5 trillion of payments, trades and settles $1.5 trillion of securities and offers leading research and analytics to thousands of clients on a range of channels from desktops to mobile devices.
“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.”
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $20.3 trillion of assets under custody and $358.9 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.