Despite rising investments on Big Data, AI and IoT in finance/insurance, financial and insurance organizations are still facing many challenges (i.e. data “silos”, regulatory complexity, lack of testbed resources) in realizing the full potential of these technologies. INFINITECH is a joint effort of global leaders in ICT and finance towards lowering the barriers for Big Data/IoT/AI driven innovation, boosting regulatory compliance and stimulating additional investments.
It will provide:
1. Novel Big Data/IoT technologies for seamless management and querying of all types of data (e.g., OLAP/OLTP, structured/ unstructured/semi-structured, data streaming & data at rest), interoperable data analytics, blockchain-based data sharing, real-time analytics, as well as libraries of advanced AI algorithms.
2. Regulatory tools incorporating various data governance capabilities (e.g. anonymization, eIDAS integration) and facilitating compliance to various regulations (e.g., PSD2 2nd Payment Services Directive), 4AMLD (4th Anti-Money Laundering), MIFiD II).
3. Ten (10) 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 KYC, customer analytics, personalized portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, usage based insurance, agro-insurance and more. INFINITECH will establish a market platform that will provide access to the project’s solutions, along with a Virtualized Digital Innovation Hub (VDIH) that will support innovators (FinTech/InsuranceTech) in their Big Data/AI/IoT endeavors. Based on their strong footprint in the European digital finance ecosystem, the partners will engage stakeholders from all EU-28 countries, making INFINITECH synonymous to disruptive Big Data/AI innovation in the target sectors.
NEWS ABOUT THE PROJECT
The H2020 INFINTECH project is an EU flagship initiative with the participation of global leaders in ICT and finance facilitating BigData, IoT and AI driven innovation in the financial services industry. The international project features 42 partners from 16 countries. The Infinitech consortium partners will be presenting at the forum session “Data Driven AI for Financial Services” on November 5, 2020.
On 1st July 2020 as a part of the Fin&Tech Community 2020 online event an INFINITECH webinar titled “Fintech & Insurtech cases studies on Big Data, IoT and AI : focus on technologies that are changing Digital Finance in Europe” took place which aimed to present business cases in the financial and insurance sector based on the H2020 project INFINITECH.
Jožef Stefan Institute
Centre for Knowledge Transfer in
Information Technologies (CT3)
Jamova 39, SI-1000 Ljubljana
phone: +386 1 477 3593
fax: +386 1 477 3935