Investment banking giant JP Morgan is tapping a UK fintech startup to help it delve into its treasure trove of trading data in a rare move for the firm.
Mosaic's smart data platform will be rolled out across the bank's entire fixed income trading business following months of testing as part of its "In-Residence" fintech scheme.
The startup is the first to graduate from the specialist fintech accelerator and incubator, through which JP Morgan works closely with innovative technology firms, bringing them in-house and helping build proof-of-concepts using real world data from the bank.
“We review hundreds of fintech companies for our In-Residence programme but ultimately only partner with a handful," said chief administration officer of corporate and investment banking Sanoke Viswanathan. "Mosaic has been successful because they demonstrated the ability to partner closely with us and co-develop the product.”
Mosaic uses artificial intelligence and predictive analytics to identify insights from the huge volumes of trading data.
“Having a more holistic view of trading data will improve our service delivery for clients," said JP Morgan's global head of macro Troy Rohrbaugh. "The Mosaic platform integrates securely with our existing technology infrastructure, and enables our teams to quickly make better informed decisions.”
Mosaic founder and chief executive Matthew Hodgson said: “Data analytics and artificial intelligence are changing the face of investment banking. Banks understand that the insights locked away in their transaction and market data are potentially some of their biggest competitive advantages."