Facebook users can choose from more than 500,000 non-profits by voting on the social networking site.

The charity receiving the most votes will be awarded $1 million, the top five runners-up will receive $100,000 each and the 100 finalists, including the top winners, will be awarded $25,000 each.

Jamie Dimon, CEO, JPMorgan Chase, says: "The grassroots nature of Facebook will allow us to hear directly which local charities matter most to our communities, hopefully creating an even bigger impact."

Sheryl Sandberg, COO, Facebook, adds: "Chase's creative approach - crowdsourcing for charity - puts the power of corporate giving directly in the hands of Facebook users. Thanks to the Chase Community Giving programme, millions of Americans will be able to join together to have an unprecedented philanthropic impact on communities across the nation."

The programme will be run in two rounds. The first will see Facebook users vote for non-profits they think should receive a portion of Chase's philanthropy funds. 501(c)(3) non profits with an operating budget of $10 million or less will be eligible with Facebook users able to nominate non-profits working in education, healthcare, housing, the environment, combating hunger, arts and culture, human services and animal welfare.

On December 15, the top 100 will be revealed, receiving $25,000 each, and will move on to the next round when they can submit a million dollar grant proposal to Facebook users. A second round of voting then begins in January, with the winner receiving $1 million and five runners up getting $100,000 each. The Chase community giving advisory board members will donate $1 million to a charity of their choice.

Finextra verdict: While one might disapprove of the X-Factor element in this corporate-giving campaign you've got to hand it to Chase. It shows savvy use of the viral nature of social media with positive spin-offs for the Chase brand. No surprise to see Jamie Dimon fronting it.