Starting today, the FinTech Innovation Lab is accepting entries for the nation's top new financial technology innovations. The program, run by the New York City Investment Fund and global management consulting, technology services and outsourcing firm Accenture, is now in its second year.
To apply for the program, entrepreneurial companies in early development can enter their cutting-edge financial services technology products via the FinTech Innovation Lab website. The products must be in the working beta stage and ready to be tested for either the institutional or retail market.
Six of companies will be selected to partner with senior-level bank executives for 12 weeks to help further develop their products and tailor them to banks. In addition, winning companies will receive $25,000 and work space to develop their products.
The financial services companies that are participating in the program by choosing the winners and partnering them on developing products include Bank of America, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street, UBS, American Express and Capital One. Several venture firms are also supporting the Lab, including Contour Venture Partners, Rho Ventures, RRE Ventures, Village Ventures, and Warburg Pincus.
"This is an exciting time for financial technology innovators in the U.S.," said Chris Wearing, managing director of Accenture's banking industry practice in North America, in a release announcing the launch of the program's second year. "Banks' investments in IT innovation are on the rise, as they face increasingly complex customer demands and continuing profit pressures. To help the industry respond, this Lab brings to bear some of the best and brightest technology ideas in an organic way, with the direct support not only of venture capitalists but of the banking industry's leaders