JP Morgan has signed a multi-year contract with data startup Mosaic Smart Data to aid its entire fixed income trading business globally.
Mosaic Smart Data aims to help banks understand the increasing volume of their trade data and apply new technologies such as predictive analytics and artificial intelligence to it, using its real-time data analytics platform MSX.
The London-based fintech startup is the first graduate of the bank's 'In-Residence' programme, created last year for tech startups that solve problems in financial services. Through the programme, startups are given access to JP Morgan's facilities, systems and expertise for six-month periods.
Matthew Hodgson, Mosaic's CEO and founder, 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.
"They already have the raw materials, but MSX gives them the tools to aggregate and standardise that data and put it to work intelligently."
The startup claims its technology will help users to anticipate market and client activity and therefore offer a better service and reduce the cost and complexity of compliance.
Troy Rohrbaugh, global head of macro at JP Morgan, stated: "Having a more holistic view of trading data will improve our service delivery for clients. The Mosaic platform integrates securely with our existing technology infrastructure, and enables our teams to quickly make better informed decisions."
A Barclays ex-CEO's fintech startup raised 34 million in September, aiming to introduce a digital banking platform.
In other fintech news, startup Tandem announced in August that it was buying Harrods Bank. This is the banking arm of the London luxury department store and the sale was reportedly a multi-million pound deal. This will give Tandem access to a variety of financial products as well as a banking license.
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