Fintria Launches FDIC Rule 370 Product that Guarantees Compliance and Reduces Cost
Washington, D.C. – April 1, 2018
Fintria, a Regtech startup based out of the Washington D.C. metro area, today announced it has launched its RCS 370 product to help banks comply with the FDIC’s 12 CFR Part 370 regulation.
The regulation is estimated to cost institutions over $500M to clean up their depositor data and build an insurance determination system. Fintria boasts that its product dramatically reduces implementation cost and the associated compliance risk compared to building an in-house solution. Its primary differentiator is an executive team with over five decades of FDIC experience, having built and optimized three iterations of the FDIC’s insurance determination engine over the last 30 years. Fintria partners also led the insurance determination process for 300+ FDIC bank resolutions.
“We saw an opportunity to bring down costs and guarantee compliance due to our deep knowledge of FDIC insurance determination. As former FDIC managers and contractors, our team has built a product that includes hundreds of rules to accurately calculate depositor insurance” said Loc Nguyen, a partner at Fintria. “We are offering affected institutions a free two-hour Q&A with our SMEs to help plan the most effective roadmap to compliance and answer their questions.”
Fintria is a spinoff from an FDIC prime contractor, Nfinity, LLC. The company revealed that it is currently working with numerous affected institutions and partners to deliver its solution.
To learn more about Fintria’s solution, contact Sarat Kosuri at 1.302.353.4334, email sarat.kosuri@fintria.com, or visit the website at www.fintria.com.
About Fintria
Fintria is a leading provider of services and technology products to financial institutions. We provide a full range of capabilities to help our clients grow and enhance their businesses. We have a proven approach of pragmatically addressing our clients’ needs in the areas of Technology and Regulatory Compliance Solutions, Cloud Services and Data Science.
Fintria operates in key financial and technology centers nationally, including New York, Washington, D.C., San Francisco, and Seattle, as well as in large technology development and operations outsourcing centers in Hyderabad, India.
