FDIC Requests Four Companies to Submit Pilot Proposals in Next Phase of Rapid Phased Prototyping Competition — 2021-08-09

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today requested that four companies submit proposals as part of the next phase of an ongoing Rapid Phased Prototyping Competition (RPP) in order to accelerate the adoption of modern technological tools. These tools would help financial institutions draw inferences from their data, and improve data structure, portability, and processing that may support more efficient back-office operations and reporting. Financial institutions that voluntarily choose to adopt the technologies could also see benefits in reduced compliance costs and greater ability to integrate new technologies into their operations more effectively. These tools would also help support the FDIC’s supervisory and financial stability missions. The FDIC requested that the following companies submit one or more proposals, either independently or jointly, to pilot the prototypes they developed in the initial phases of the RPP :  Novantas, Inc.  Palantir Technologies Inc.