FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition. FDIC had, in June 2020, launched the rapid prototyping competition, which is a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks. FDIC has provided a brief overview of each company’s solution on the FDiTech website. The selected companies will deliver the final prototypes in March 2021.
The rapid phased prototyping procurement model uses a “show me, don’t tell me” approach, asking competitors to rapidly produce working prototypes of new technologies over several competitive phases. In Phase II, each company met with FDIC staff during sprint check-ins to receive feedback on their concepts and demonstrated initial prototypes. In the third and final phase of the prototyping competition, the finalists will demonstrate their final prototypes during presentations held in March 2021. This final phase of the process allows awardees to continue prototyping their concepts, which may include developing higher levels of functionality, engaging in user testing, and discussing other technical details. FDIC selected the following companies to continue to Phase III of this competition:
- ACTUS Financial Research Foundation, Inc.
- DSQuorum, LLC (Data Society)
- Fed Reporter, Inc.
- Fidelity Information Services, LLC
- First Data Government Solutions, LP (Fiserv)
- Neocova Corporation
- Novantas, Inc.
- Palantir Technologies Inc.
- S&P Global Market Intelligence, LLC
The Rapid Phased Prototyping Competition sought to develop technology for a timelier and less burdensome financial reporting and analysis process. Once completed, the system would better equip regulators to detect signs of risk and to take early actions designed to protect consumers, banks, the financial system, and the economy. This innovative model allows FDIC and awardees to rapidly and collaboratively co-create solutions, moving from initial concept paper to final prototype in less than five months. This rapid phased approach seeks to invite cutting-edge technology companies into the design phase early into the process to iteratively prototype, test, analyze, and refine solutions that foster innovation in the financial services sector and make supervision more efficient. While the adoption of these technologies among community banks will be voluntary, the intention is to create solutions that will prove to be mutually beneficial for both regulators and banks alike.
Keywords: Americas, US, Banking, Reporting, Artificial Intelligence, Machine Learning, Regtech, FDIC
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