JP Morgan finds nice match in fintech Wematch
Wematch Interest Rates will join JP Morgan’s in-residence fintech programme and collaborate with the bank to explore ways of applying its technology at scale.
The programme is JP Morgan’s plan to work with start-ups, commercialise ideas for them, make money, and perhaps poach staff or make acquisitions down the line.
Wematch will get access to the bank’s resources and expertise to understand the requirements that dealers face at many levels of their daily operations.
According to JP Morgan, Wematch’s tech “applies a previously unseen level of automation to a trader’s workflow”.
It does this via an interface that is underpinned by a matching and negotiation engine. Additionally, the Wematch platform is based on a subscription model.
Michael Elanjian, head of digital strategy at JP Morgan, says: “Wematch.live has an impressive track record in leveraging technology to change how market participants interact.”
Mikhael Farouz, market expert for interest rates and foreign exchange at Wematch, adds that it is developing new matching and negotiation engines with the bank’s product teams. This technology will be tailored to trading interest rate instruments.
The bank is staying lively in the world of fintech partnerships.
As recent examples, last month JP Morgan Chase teamed with Plaid for open banking; and revealed it was building a new “fintech campus” in California’s Silicon Valley for more than 1,000 employees.