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. It will provide:
1) Novel BigData/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 with regulations (e.g., PSD2, 4AMLD, MIFiD II).
3) 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 15 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.
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 BigData/ 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 with disruptive BigData/AI innovation in the target sectors.
Start date: 10/1/2019
Duration: 39 months
As part of the Infinitech project, our research team has various contributions to tasks and deliverables related to data management, the marketplace, but also to the development of sandboxes and one of the project’s pilots. Specifically:
A) In the field of data management, contributions have been made to data management with HTAP technology, which combines OLAP & OTLP approaches. Also, techniques for unified access over structured, unstructured and semi-structured sources as well as techniques for integrated queries in streaming data and data-at-rest were also studied and analyzed.
B) In the part of the market platform, our team, as work package leader, is responsible for the development of the project’s marketplace, with the main objectives below:
- The design and the specifications of the architecture of the multi-sided platform, as well as the infrastructure that will serve as a single entry point to innovation management services of the VDIH.
- Development of solutions for BigData, AI and IoT as part of the multi-sided market platform.
- Development and establishment of the VDIH which will federate resources from existing innovation management services of the partners.
- Engagement of FinTech / InsuranceTech firms in the ecosystem and to on-board their solutions in the market platform and/or VDIH.
- Providing continuous support to all participants of the project’s ecosystems, including participants/contributors to the market platform and to participants to the VDIH.
C) In one of the project pilots, UPRC team, alongside Bank of Cyprus, is developing an innovative Business Financial Management (BFM) toolkit for small and medium sized enterprises(SMEs). The smart BFM advisor is utilizing the bank’s transaction and customer data, ERP data of SME’s and other external open data to provide valuable business insights. Aiming for precise and tailor made recommendations, ML and DL algorithms are utilized for the various microservices developed and for taking into account past user actions into the various models.