A competition to develop technology for a timelier and less burdensome financial reporting process – particularly for community banks – has resulted in 14 companies being selected by the Federal Deposit Insurance Corp. (FDIC) to proceed to the next phase of the program, the agency said Thursday.
The agency said its 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 the next phase, the finalists will demonstrate their prototypes within 70 days.
The ultimate aim is a reporting system that could make quarterly call reports obsolete, according to a July 1 column by FDIC Chairman Jelena McWilliams in the American Banker BankThink blog.
The FDIC announced its tech sprint in June and said 20 companies had been invited to participate. The 14 companies awarded initial contracts are:
- Accenture Federal Services, LLC
- ACTUS Financial Research Foundation, Inc.
- Amberoon, Inc.
- Donnelley Financial, LLC
- DSQuorum, LLC (Data Society)
- Fed Reporter, Inc.
- Fidelity Information Services, LLC
- First Data Government Solutions, LP (Fiserv)
- Neocova Corporation
- Novantas, Inc.
- Palantir Technologies Inc.
- Synthetic P2P Holding Corporation (PeerIQ)
- S&P Global Market Intelligence, LLC
- TrueTandem, LLC
The agency pointed to a July 1 column in published in the American Banker “BankThink” Blog, in which FDIC Chairman Jelena McWilliams contemplates financial reporting modernization that would make the quarterly call report process obsolete.