FDIC Selects Four Companies for Next Phase of Prototyping Competition
The Federal Deposit Insurance Corporation (FDIC) requested four companies to submit proposals as part of the next phase of an ongoing Rapid Phased Prototyping Competition. The four companies are Novantas Inc, Palantir Technologies Inc, PeerIQ, and S&P Global Market Intelligence, LLC. FDIC requested that these companies submit one or more proposals, either independently or jointly, to pilot the prototypes they developed in the initial phases of the Rapid Phased Prototyping Competition. These tools would help financial institutions draw inferences from their data and improve data structure, portability, and processing that may support more efficient back-office operations and reporting.
During the initial phases of the competition, FDIC had asked 33 competitors to produce working prototypes of new technologies over several competitive phases. From August 2020 to March 2021, the competitors refined their prototypes and met regularly with the FDIC staff to receive feedback on their concepts and to demonstrate their prototypes. Based on those engagements, FDIC has now invited four companies to continue as the competition moves to a pilot phase. FDITECH, the tech lab of FDIC will lead the new pilot program. During this pilot, the companies will propose a "proof of concept" for their technologies that will be assessed for compliance with all legal, supervisory, and regulatory requirements as well as for security, scalability, operability, and marketability. The goal is to conduct a pilot with a small group of supervised institutions that voluntarily choose to participate. These institutions of various sizes and technological maturities would test the reporting technologies and determine their potential.
Rapid Phased Prototyping Competition is designed to accelerate the adoption of modern technological tools to help financial institutions, particularly community banks, provide more timely and granular data to FDIC in a more effective and efficient manner. The modern technological tools would help financial institutions draw inferences from their data, and improve data structure, portability, and processing that may support more efficient back-office operations and reporting. Financial institutions that voluntarily choose to adopt the technologies could also see benefits in reduced compliance costs and greater ability to integrate new technologies into their operations more effectively. These tools would also help support the FDIC’s supervisory and financial stability missions.
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Keywords: Americas, US, Banking, Community Banks, Regtech, Fintech, Rapid Phased Prototyping, FDITech, Reporting, FDIC
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