Fidelity Information Services (FIS) has been selected to participate in a financial technology competition overseen by the Federal Deposit Insurance Corporation (FDIC).
The Jacksonville, Fla.-headquartered organization is one of 14 technology companies chosen for the Rapid Prototyping Competition. In this tech sprint competition, the companies will be tasked with developing new approaches for financial reporting, targeting community banks.
Companies in the competition will design faster and less cumbersome financial reporting process that will enable regulators to detect risks and take earlier actions. The competition will use a “rapid phased prototyping procurement model” that allows competitors to produce working prototypes of their systems over multiple competitive phases.
The next phase of the competition will task the companies with demonstrating the prototypes within 70 days.
The other 13 companies include Accenture Federal Services, ACTUS Financial Research Foundation, Amberoon, Donnelley Financial, DSQuorum, Fed Reporter, First Data Government Solutions,Neocova Corporation, Novantas, Palantir Technologies,Synthetic P2P Holding Corporation, S&P Global Market Intelligenceand TrueTandem
While FIS is headquartered in Florida, the company got its start in Little Rock in 1968 as Systematics, which was bought by Alltel Information Services in 1990 for approximately $540 million. It was later acquired by Fidelity National Financial, becoming Fidelity Information Services (FIS) in 2003.
FIS maintains ties to Arkansas with an office in west Little Rock and an ongoing partnership with the Venture Center on the FIS Fintech Accelerator. The Venture Center and FIS hosted a Demo Day for the 2020 FIS Fintech Accelerator on Oct. 14, closing out this program cycle.