The Center for Research toward Advancing Financial Technologies (CRAFT) is devoted to research on finance and technology, a combination known as fintech. The fintech industry is growing as a result of advances in computer science and in hardware, software, and applications that affect all other industries and economic sectors.
CRAFT brings together industry partners, academic researchers, federal agencies, and students to conduct and advance interdisciplinary fintech research, innovation, and workforce training in support of new technologies often associated with innovation and growth, including new products, services, and ventures. CRAFT aims to contribute to a more vibrant economy through research projects that will allow policymakers and industry participants to better understand the benefits and risks of potentially disruptive technologies — and thus manage those risks, reducing the possibility of unintended consequences. Its projects will also lead to technologies and processes that can be used in education and training.
CRAFT combines its existing fundamental technological research with finance and management knowledge to focus on fintech. Cross-disciplinary teams work with industry to define challenges and search for solutions, supporting innovations in core financial services such as trading, investing, payments, lending, and insurance, and develop innovations in important segments of the real economy, such as health care, supply chains, energy sustainability, and green finance.
The technological research draws from machine learning, artificial intelligence, natural language processing, network analytics, information systems, quantum computing, distributed ledgers, and associated smart contract technologies. CRAFT strives to discover technologies and processes that can be used to help industry participants build new services and applications to support policy and regulatory needs.