JP Morgan to Open Payment Innovation Lab in Athens

Wall Street giant JP Morgan is opening a payments innovation lab in Athens as part of a wider Greek expansion.

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The bank intends to initially hire around 50 employees for the lab, including payments product and engineering specialists.

It will provide research and development to the payments business globally, including working with Onyx, JP Morgan's unit focussed on cutting-edge technologies such as blockchain.

From the outset, the centre will concentrate on supporting the development of solutions around distributed ledger technology, artificial intelligence and cryptography related to payments systems.

The lab will be located in a new Athens head office that will house employees across the firm's corporate and investment bank and asset and wealth management businesses.

Takis Georgakopoulos, global head, JP Morgan Payments, said: "We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve centre for our cutting edge payments innovation work."