GFT coordinated INFINITECH project receives EU funding of EUR 16 million

Big Data, AI and IoT: GFT coordinated INFINITECH project receives EU funding of EUR 16 million

  • INFINITECH is a GFT coordinated project under the European Union Horizon 2020 programme, the biggest EU Research and Innovation programme ever.
  • The international project features 42 partners from 16 countries and is coordinated by GFT’s Italian team.
  • With a strong impact on the European digital financial ecosystem, the partners will involve stakeholders from all 28 EU countries, making INFINITECH a synonym for Big Data/AI's disruptive innovation.
  • The aim is to support organisations from the financial and insurance sector in their innovation process driven by Big Data, AI and IoT.

Stuttgart, 23 July 2019 – GFT Italy, a subsidiary of GFT Technologies SE, is to receive funding of around EUR 16 million from the EU programme Horizon 2020 for the coordination and realisation of the European innovation project INFINITECH. The aim of this project is to establish a reference architecture that will support organisations from the financial and insurance sector in their innovation process driven by Big Data, AI and IoT.

In detail, INFINITECH will be able to provide innovative Big Data and IoT technologies for the management and transparent search of any type of data, interoperable data analytics, blockchain-based data sharing, real-time analytics and advanced AI algorithm libraries. Besides, it will provide regulatory tools that include various data governance functions and compliance with various directives such as PSD2, 4AMLD and MiFID II. Nine test environments and innovative sandboxes (open API), and other resources to validate customised solutions are also part of the project.

"INFINITECH is a funded project of considerable scope, with which GFT aims to support financial and insurance organisations in fully reaping the potential of technologies such as Big Data, AI and IoT. Despite the increase in investments on these fronts, the sector is still facing numerous challenges, including the presence of data silos, regulatory complexity, lack of sandboxes and effective test environments. INFINITECH thus represents the common commitment of global ICT and finance leaders to overcome the obstacles in the Big Data/AI/IoT-driven transformation roadmap, in compliance with legislation. All this enables the promotion of further investments", says Maurizio Ferraris, Senior Manager at GFT Italia.

Pilot projects cover all areas of reference for the sector

The results of the project will be validated through 14 pilot projects, which will cover all areas of reference for the sector, such as know your customer (KYC), customer analytics, personalised portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, usage-based insurance, agro-insurance and much more. INFINITECH will also make a platform available that will provide access to project solutions, along with a Virtualized Digital Innovation Hub (VDIH). This will support innovators such as FinTech and InsuranceTech in their ongoing commitment to the concrete application of Big Data technologies/AI/IoT.

Former coordinator of the FINSEC project, which launched in 2018, GFT Italy will coordinate and manage this project too with a total value of approximately EUR 21 million and involve 42 partners from 16 countries, including major financial organisations, system integrators and IT vendors, and prestigious research centres. With their strong impact on the European digital financial ecosystem, the partners will involve stakeholders from all 28 countries of the European Union, making INFINITECH a synonym for Big Data/AI's disruptive innovation in the reference industry.

“Orchestrated by GFT Italy, INFINITECH also involves as many as 10 Italian companies and also stands out, once again, for its concreteness. Because through pilot projects, it aims to demonstrate how to use the technology in controlled environments to then expand awareness to business activities”,  underlines Alfio Puglisi, Regional Director Central Europe at GFT and Managing Director of GFT Italia. For the second consecutive year after FINSEC, we have obtained a European loan that brings resources to our country. A real achievement”, concludes Puglisi.

INFINITECH as part of the EU programme Horizon 2020

GFT Italy will be coordinating the project as a whole and will be responsible for communicating with the European Commission, coordinating external contacts with other organisations and providing project services to the European Commission. GFT will also manage the administrative and contractual relationships within the consortium and with the European Commission, and will contribute to the Big Data Value Association platform (BDVA).

The INFINITECH project will start in October 2019 and run until December 2022. Funding for the project comes the European Union’s Horizon 2020 research and innovation programme (Grant Agreement no. 856632). The total EU funding amounts to EUR 15,870,480.63.

The project’s partners include the following financial organisations, major companies and research centres: Aktifbank, Banka Slovenije, Banking & Payments Federation Ireland, Genillard, JRC Capital Management, Liberbank, National Bank of Greece, Poste Italiane, Prive Services Europe, Santander, Atos, Crowdpolicy, Fujitsu, HP, SIA, IBM, Bruno Kessler Foundation, National University of Ireland Galway, University of Glasgow and University of Nicosia.

INFINITECH is a funded project of considerable scope, with which GFT aims to support financial and insurance organisations in fully reaping the potential of technologies such as Big Data, AI and IoT.”
Maurizio Ferraris Senior Manager at GFT Italia
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Press release

Big Data, AI and IoT: GFT coordinated INFINITECH project receives EU funding of EUR 16 million

Press release

Big Data, AI and IoT: GFT coordinated INFINITECH project receives EU funding of EUR 16 million