Technology firms that will make up six teams were selected to participate in a “tech sprint” designed to explore new technologies and techniques to determine how well community banks, and all banks, can withstand a major disruption of any type, the federal insurer of bank deposits said Monday.
The Federal Deposit Insurance Corp. (FDIC) said the teams and firms that make up those teams are:
- Data Society team: Google (of Menlo Park, Calif.) and Data Society (of Washington, D.C.).
- Tandem team: Tandem LLC, a subsidiary of co-team members CoNetrix LLC (both of Lubbock, Texas).
- GRF Operational Resilience team: Global Resilience Federation (of Herndon, Va.) and Secure Digital Solutions, Inc. (of St. Louis Park, Minn.).
- PAA team: Pyramid Systems Inc, (of Fairfax, Va.), Amazon Web Services (of Seattle), and Aretec, Inc. (also of Fairfax, Va.).
- Elastico team: Amberoon (of Cupertino, Calif.), SouthState Bank (Winter Haven, Fla.), CTBC Bank (of Taipei, Taiwan), Black Diamon Risk (of Pleasant Hill, Calif.), RSM (of Chicago), Google.
- JustProtect team: JustProtect, Inc. (of New York, N.Y.) and Tutela Solutions, LLC (of Sanibel, Fla.).
According to the agency, the six teams will provide answers to “What would be the most helpful set of measures, data, tools, or other capabilities for financial institutions, particularly community banks, to use to determine and to test their operational resilience against a disruption?”
The answers, according to the agency, will be provided as the teams develop “consistent data and measures that all banks can use to assess their resilience to a major disruption.” The agency added that the work will “lay the foundation for stakeholders to build and evaluate future efforts to promote greater resiliency in the banking sector.”
The FDIC also said its FDITECH arm (the office developing technology policies for the banking industry) will host a “Demo Day” this month, inviting the six teams to make short presentations to a panel of expert judges who will evaluate their solutions for creativity, effectiveness/impact, and market readiness. All submissions will be made public; “winners” will be chosen in several categories. No monetary prizes are associated with this tech sprint, the FDIC said.