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When JPMorgan Chase and Bank of America announced earlier this year that they were teaming up to create a joint venture called JPMorgan Chase & Co., they didn't exactly set out to create the world's first digital bank.
Instead, they decided to create a "sandbox"a type of collaboration between regulators and tech companies in which firms can try out new products and services in a controlled environment, reports Bloomberg.
The idea is to give regulators a chance to weigh in on new products and services before they hit the market, a process that can take months or even years, depending on the size of the project.
In JPMorgan's case, it will be a test run of the bank's new consumer-facing digital product, JPMorgan Chase Wire.
The bank will be using JPMorgan Chase & Co.'s mobile app, JPMorgan Chase Bank, as well as JPMorgan Chase & Co.'s existing digital products, like Chase Freedom and Chase Sapphire, to test out the new product, reports the New York Times.
It's not the first time a bank has teamed up with a tech company to create a sandbox, but it's the first time a bank has done so with a consumer-facing product, notes a post at Regtech,
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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