Eleven companies will compete in the final phase of a “tech sprint” for developing a novel method for community bank financial reporting, the federal insurer of bank deposits said Monday.
The Federal Deposit Insurance Corp. (FDIC) said the 11 firms competing in the third (and final) phase of its “Rapid Phased Prototyping Competition” are:
- 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
In a release, the agency said the competition is striving to develop technology for “a timelier and less burdensome financial reporting and analysis process.” Once that is developed, the agency said, the system should better equip it and regulators to detect signs of risk and to take early actions designed to protect consumers, banks, the financial system and the economy.
“This 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,” the FDIC said.
In the second phase of the competition, the agency said, competitors met with FDIC staff during sprint “check-ins” to receive feedback on their concepts and demonstrated initial prototypes.
The competition will culminate in March, when the present their final prototypes.