J.P. Morgan‘s Corporate & Investment Bank has launched In-Residence, a program for fintech startups that develop innovations to banks “to operate faster, safer and at a lower cost“.
Fintech residents will join the bank for six months and access to J.P. Morgan’s facilities, systems and expertise. they will retain control of their innovations and may receive continued support from the bank even after the residency period 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.
They will be accepted on a rolling basis and each challenge will have its own residency timeline.
J.P. Morgan spends more than $9 billion a year on technology and, in 2015, approximately 30% of that budget went toward new investments. Led by Daniel Pinto, CEO, the Corporate & Investment Bank processes and monitors approximately $5 trillion of payments, trades and settles $1.5 trillion of securities and offers research and analytics to thousands of clients on a range of channels from desktops to mobile devices.