The FDIC has selected four companies to submit proposals for technology to help banks better use data as part of its ongoing Rapid Phased Prototyping Competition. The FDIC selected Novantas, Palantir Technologies, PeerIQ and S&P Global Market Intelligence, to either independently or jointly pilot prototypes they developed as part the competition.
In the initial phase of the competition, the FDIC asked 33 organizations to create prototypes of new technology to analyze data, improve data structure, portability, processing and support more efficient back-office operations and reporting. The FDIC provided feedback and met regularly with the groups, selecting the final companies based on those engagements.
In the next phase, the companies will propose a ‘proof of concept’ for their technologies and the FDIC will assess their compliance with legal, supervisory and regulatory requirements as well as for security, scalability, operability and marketability. The final step will be a pilot program with a small group of volunteer FDIC-supervised banks.