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Services|Innovation

(Innovation) We make change happen through data-driven innovation

Inspiring financial innovation with Synthetic Data​

We create synthetic data when the real data doesn’t exist, is too biased, has issues or cannot be safely shared.

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Standards for Innovation

To foster innovation in Open Banking and drive alignment of international technical standards, we’ve set out the landscape for sharing Open Banking data on a world-wide stage.

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Inspiring innovation through synthetic data

Collaboration is key to innovation. One of the biggest challenges for innovators is how to access quality data to drive innovation.​

Imagine a world with a plentiful supply of data that can be safely and securely shared without any privacy issues, free from bias, with the addition of edge cases that are often too rare to test, even factoring in consumer behaviours.​

Advances in techniques for creating synthetic data address this. Whether it’s using data to build a rapid prototype, test an AI model, run scenarios on the strategic impact of a new initiative, or just to test whether something works when data is added…. synthetic data can facilitate this.​

Synthetic Data from Smart Data Foundry ​

We’re passionate about maintaining people’s privacy – synthetic data allows innovators and researchers to work safely with data without exposing sensitive information.​

Smart Data Foundry’s answer is to generate high fidelity and high utility synthetic data.​

We create synthetic data without needing to have a starting point of real data, by creating ‘agents’ (e.g. synthetic people and businesses) and giving the agents a ‘personality’ – i.e. a set of rules, preferences, and parameters to operate within. ​

Known as agent-based modelling, the simulated behaviour of the agents is logged and then output in the form of synthetic data. ​

Synthetic data generated by Smart Data Foundry contains very similar properties to ‘real’ data but entirely removes privacy issues by generating the data from scratch, meaning no real people or events are contained in the synthetic dataset. ​
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Key features of Smart Data Foundry Synthetic Data​

 

  • Simulates a population of individuals and organisations ​
  • Uses no existing data to create new synthetic data​
  • Creates synthetic data that does not otherwise exist
  • Benchmarks key behaviours of output data against real datasets to ensure fidelity of the generated data​
  • Generates a longitudinal view by simulating days, months or years of activity quickly

Key benefits of Smart Data Foundry Synthetic Data​

 

  • Delivered quickly with no privacy risk
  • Can be customised and tailored to meet exact requirements ​
  • Create sophisticated, integrated datasets to accelerate innovation​
  • No need to manage, process, or store ‘real’ data to create the synthetic output​
  • Data generated with absolutely no confidentiality or privacy risks. This makes it ideal for testing current and future applications and processes

It’s quick and easy to access synthetic data from Smart Data Foundry. Check out our most popular synthetic datasets below or get in touch to create unique synthetic data to match your needs.

OPEN BANKING

Build and test open banking services on realistic, large scale data.​

Start building AISP applications, data pipelines, and APIs while awaiting regulatory approval.​

Product and proposition prototyping, enabling Fintechs and Financial Services providers to test with customers on 100% safe data.​

Make available in internal/shared sandboxes, to drive collaboration and innovation.

KEY FEATURES​

  • Designed to UK/PSD2 standards
  • Account Information Service Provider (AISP) account and transaction data for 20,000 synthetic consumers
  • Multiple account types, e.g. Current Accounts, Mortgages
  • Two years of history

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Open Banking Data Sheet 

IDENTITY

Match individuals across multiple data siloes – testing and improving processes.​

Build and improve data governance and processes for sensitive PII data, on zero-risk datasets.​

Implement and iterate error checking, validation, and imputation processes – all verified against ‘ground truth’ data.

 

KEY FEATURES​

  • Synthetic Personal Information for 20,000 Synthetic Data subjects
  • Roman and non-Roman alphabet types
  • Multiple data ‘mutations’ (e.g. input error, transposition, truncation, concatenation, splitting, validation) replicating real data complexity

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Identity Data Sheet

APP FRAUD

Explore linkages across six synthetic organisations, with simulated sensitive financial data

Discover and develop methods for detection, intervention, and prevention of multiple APP fraud types and behavioural patterns

Prototype machine learning, rules based interventions, and large scale data processes on safe data

 

KEY FEATURES​

  • Six Authorised Push Payment (APP) Fraud typologies
  • Linked Bank transactions, account and identity information, text and call metadata
  • Attempted and successful fraud reports, across consumers and businesses, for 20,000 data subjects, and 2 years of history

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APP Fraud Data Sheet

Custom and bespoke synthetic datasets​

We love working with customers in partnership to drive co-design-led engagements.​

The power of the synthetic data generated by Smart Data Foundry is that there are no boundaries. ​

We’re constantly challenged to help solve complex problems by creating bespoke synthetic data that combines multiple datasets – something that cannot easily be achieved with real data. ​

It can’t even be achieved by alternative approaches to synthetic data that require real datasets and create a synthetic double of the data – unless the original data happens to contain all of the data and attributes needed to solve the complex problem in question.​

We’d love to hear from you to discuss options to create unique synthetic data to match your needs.​

  • Standard datasets can be customised to support your specific requirements​
  • Bespoke datasets can be built where existing datasets are not aligned to your requirements

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Enabling Regulatory Change with Synthetic Data​

Mission: Innovation/Socio-Economic​

Smart Data Foundry delivered millions of rows of synthetic personal data, banking data, and telecommunications data to facilitate the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) TechSprint on Authorised Push Payment Fraud.

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Synthetic data in support of FCA innovation ESG TechSprint​

Mission: Innovation/Environment​

In partnership with the FCA and the City of London Corporation, Smart Data Foundry provided the synthetic datasets to support a TechSprint focusing on building technological solutions to overcome challenges faced by regulators in monitoring ESG Data and Disclosures.

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Providing synthetic data to support a Fintech start-up​

Mission: Innovation/Socio-Economic​

An early-stage Fintech asked Smart Data Foundry for support as they develop a new approach to credit modelling. We created a bespoke synthetic dataset of 100k individuals with 1M data variations to help train and test new AI and ML models to create new approaches for identity matching.

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Standards for Innovation

Open Banking is a catalyst for unlocking the power of financial data and for driving innovation.​

However, the UK is only one financial ecosystem, and we want to drive the development of products to be used across borders. ​

When different countries and different financial systems all embrace the same opportunity, it can lead to different technical standards created in isolation of each other. ​

That’s why we have introduced a set of Standards for Innovation.

Standards Library​

The Standards Library allows for quick understanding and easy comparison of worldwide technical and regulatory standards in Open Banking, Open Finance and Open Data. ​

Innovation Atlas ​

The financial environments within which these standards fit are showcased in our Innovation Atlas, highlighting levels of financial inclusion, data privacy and the direction of travel for financial innovation across the globe.

Coming soon​

These rich resources for understanding how to drive innovation around the world will be available in mid-2023. Get to the front of the queue and be the first to get access when it goes live.

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