Infinitech - The Flagship Project for Digital Finance in Europe
INFINITECH is a joint effort of global leaders in ICT and finance towards lowering the barriers for BigData/IoT/AI driven innovation, boosting regulatory compliance and stimulating additional investments.
Novel BigData/IoT technologies for seamless management and querying of all types of data interoperable data analytics, blockchain-based data sharing, real-time analytics, as well as libraries of advanced AI algorithms.
Regulatory tools incorporating various data governance capabilities and facilitating compliance to regulations (e.g., PSD2, 4AMLD, MIFiD II).
Nine novel and configurable testbeds & sandboxes, each one offering Open APIs and other resources for validating autonomous and personalized solutions, including a unique collection of data assets for finance/insurance.
The project’s results will be validated in the scope of 14 high impact pilots providing complete coverage of the sectors, including: Know Your Customer (KYC), customer analytics, personalized portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, usage based insurance, agro-insurance and more.
THE MARKET PLATFORM
INFINITECH established the INFINITECH Marketplace that provides access to the project’s solutions, along with a Virtualized Digital Innovation Hub (VDIH) that will support innovators (FinTech/InsuranceTech) in their BigData/AI/IoT effort.
Despite rising investments in Big Data, AI and IoT in finance and insurance, a set of challenges still must be overcame to improve the overall efficiency of business processes and optimize decision making in the finance and insurance sectors.
Regulatory barriers, the lack of datasets, testbeds and validated business models prevent us from realizing the full potential of these new technologies. This led global leaders in ICT and finance to join forces and create INFINITECH, gathering 48 partners in 16 countries across EU, with a budget over 21 million euros. The three-year project will be centered around 14 high impact pilots and 9+2 testbeds. The major force of this project lies in the diversity of the partners forming the consortium, all bringing something to the table to create an unprecedented overall knowledge of the fintech and insurtech sector.
INFINITECH’S VALUE PROPOSITION
The project will allow to tackle with these challenges, by providing a 360° coverage to fully leverage the benefits of IoT, Big Data and AI in the financial and insurance sectors. INFINITECH will provide:
- Reference Architecture & Blueprints for BigData, IoT and AI applications
- Interoperability & Data Exchange solution
- Seamless Data Management & Real- time Analytics – OpenAPIs
- Experimentation facilities (testbeds & sandboxes)
- Advanced Business Models, Market platform & VDIH
- A whole new range of SHARP (Smart, Holistic, Autonomy, Personalized and Regulatory Compliance) applications, with a shift towards autonomous (i.e. automated and intelligent) processes
- Catalyst for increased investments in BigData & IoT Digital Finance Applications
- Lower & fewer barriers to Innovation and experimentation leading to shorter Innovation cycles
- Flexible and cost-effective regulatory compliance