Developing “proofs of concept” for proposed technologies to help financial institutions draw more conclusions from their own data will be the initial aim for four companies chosen to participate in a technology prototyping competition hosted by the federal insurer of bank deposits, the agency said Thursday.
In a release, the Federal Deposit Insurance Corp. (FDIC) said the four companies in the agency’s Rapid Phased Prototyping Competition (RPP) – Novantas Inc., Palantir Technologies Inc., PeerIQ, and S&P Global Market Intelligence LLC – would deliver the proofs of concept as part of the next phase of the RPP.
The agency said the concept proofs would be assessed for compliance with all legal, supervisory, and regulatory requirements. Security, scalability, operability, and marketability would also be part of the assessments. “Participating institutions would be of different sizes and rely on technology to varying degrees to test the reporting technologies and determine the potential usefulness to regulators and banks alike,” the agency said.
A small number of financial institutions are participating in the assessment on a voluntary basis, the FDIC said.