Set Instant Pot to saute. Add the olive oil and heat for 2 minutes. Add onion, bell pepper, garlic, jalapenos and cilantro and saute for 3 minutes.
Add turkey and cook until no longer pink; drain, if needed.
Add the chili powder, oregano, cumin, salt, pepper and cayenne pepper and mix well. Add the cannellini beans, butter beans, corn and chicken broth to the pot. Use a heavy-duty or wooden spoon to give the mixture a good stir. Place the cover on the pot and set timer to 20 minutes on high pressure (chili setting). It will take the IP around 24 minutes to build up pressure before it begins cooking
When cooking is done, let the pressure release naturally for 10 minutes, then do a quick release.
Remove cover and serve immediately. Top with shredded cheese, if desired.