Featured Product

    FDIC Selects Companies to Compete in Final Phase of Tech Sprint

    January 11, 2021

    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.
    • BearingPoint
    • DSQuorum, LLC (Data Society)
    • Fed Reporter, Inc.
    • Fidelity Information Services, LLC
    • First Data Government Solutions, LP (Fiserv)
    • Neocova Corporation
    • Novantas, Inc.
    • Palantir Technologies Inc.
    • PeerIQ
    • 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.

     

    Related Links

    Keywords: Americas, US, Banking, Reporting, Artificial Intelligence, Machine Learning, Regtech, FDIC

    Featured Experts
    Related Articles
    News

    EBA Launches Stress Tests for Banks, Issues Other Updates

    The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.

    January 31, 2023 WebPage Regulatory News
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8700