Entrepreneurs who are developing commercial technology products with potential applications in financial services, particularly mobile/wireless, data management and analytics, security and social media/collaboration tools, are invited to submit proposals.

The chief technology officers and senior technology executives of Bank of America, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and UBS will determine which proposals are accepted for further development and deployment.

Guy Chiarello, JPMorgan CIO, says: "By leveraging the city's enormous resources in financial services, we think that the Innovation Lab will help bring growth and innovation to the financial technology sector here in the New York."

Winning entrepreneurs will get the chance to develop their ideas through the FinTech Innovation Lab, an annual programme run by the New York City Investment Fund, the economic development arm of the nonprofit Partnership for New York City, and Accenture.

Maria Gotsch, president & CEO of the New York City Investment Fund, says: "Our goal is to identify the best of the next generation of financial technology entrepreneurs and to give them access to and feedback from potential customers and funders."

The consortium will select up to six entrepreneurs to participate in a twelve-week lab experience, beginning in May 2011. To be accepted, applicants must have at least a working alpha version of their technology that is ready to be tested for either the institutional or retail market. For the winning companies, the lab will provide work space, partial funding for expenses, and mentorship from the participating financial firms.

In addition to the banking institutions, a group of venture funds will participate in supporting the Innovation Lab, including Contour Venture Partners, Polaris Venture Partners, Rho Ventures, RRE Ventures, Village Ventures and Warburg Pincus.

Cary Davis, managing director of Warburg Pincus comments: "Financial services companies are the largest buyers of technology-enabled solutions and the majority of them are headquartered in New York City. This program creates an opportunity for local entrepreneurs to showcase their ideas and receive the support necessary to bring them to fruition" commented

Proposals must be submitted by 31 January, 2011. Winners selected for the FinTech Innovation Lab will be notified by mid-March 2011. The programme will begin in early May and conclude with presentations to investors in late July. Finalists must reside in New York City for the duration of the program.