Summary:
The Federal Deposit Insurance Corporation (FDIC) has chosen four companies—Novantas, Inc., Palantir Technologies Inc., PeerIQ, and S&P Global Market Intelligence, LLC (RPP Vendors)—to propose a pilot consisting of testing new reporting and analytical tools with a small group of FDIC-supervised institutions on a voluntary basis. This is the next phase of an ongoing Rapid Phased Prototyping Competition (RPP).
The RPP is designed to accelerate the adoption of modern technological tools to help financial institutions draw inferences from their data, and to improve structure, portability, and processing of data that may support more efficient operations and reporting.
The RPP Vendors will propose a ‘proof of concept’ for their technologies that will be assessed for compliance with all legal, supervisory, and regulatory requirements as well as for security, scalability, operability, and marketability. 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. More information on the RPP can be found on the FDIC’s FDITECH website.
Statement of Applicability:
This Financial Institution Letter (FIL) applies to all FDIC-Supervised financial institutions.
Distribution:
FDIC-Supervised Institutions
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