FAME (Federated decentralized trusted dAta Marketplace for Embedded finance) is a joint effort of world-class experts in data management, the data economy, data technologies, and data finance that aim to develop, deploy and launch a unique, trustworthy, energy-efficient and secure federated data marketplace for Embedded Finance (EmFi) to the global market. The goal of the FAME marketplace is to alleviate the limitations of a centralized cloud marketplace, and to achieve this, FAME will enhance a state-of-the-art data marketplace infrastructure with novel functionalities in the following three complementary directions:
- Secure, interoperable, and regulatory-compliant data exchanges across multiple federated cloud-based data providers in line with emerging European initiatives.
- Decentralized, programmable, data assets trading and pricing leverage blockchain tokenization techniques.
- Integration of trusted and Energy Efficient (EE) analytics based on novel technologies, such as Quantitative Explainable AI, Situation Aware Explainability (SAX), and edge and incremental EE analytics.
The European project FAME is a consortium made up of 31 partner organizations spanning across 15 different countries. Together, project partners have begun work on 7 different pilot projects within the European Union, implementing various aspects of the FAME EmFi marketplace and interconnecting with more than 12 data marketplaces operated by the project partners.
Here is a quick look at the 7 pilot projects:
Pilot 1: FaMLy – A powerful financial recommendation engine for families. This project aims to develop a powerful recommendation engine for families and customise the user experience of pilot’s clients as well as to develop more user-friendly consumer interfaces to provide these recommendations.
Pilot 2: Embedding Finance Services in a Personalized Citizen Wallet. This project aims to develop new EmFi services in an urban context, where data from smart services is used to provide additional financial services.
Pilot 3: Personalized Collaborative Intelligence for Enhancing Embedded Finance (EmFi) Services. This project aims to use FAME’s analytical tools to analyze datasets from multiple payment providers, as well as Anti Money Laundering (AML) as a Service to identify potential fraudulent payments and other criminal activities.
Pilot 4: The EU Funds Application Process Made Easy. This project aims to optimize the financial support process for companies that are granted funds, creating a harmonized and automated methodology between the bank and the company.
Pilot 5: ESG Scorecard Ranking & Sustainable Portfolio Optimisation. This project aims to develop an online reporting tool that will provide weighted portfolio sustainability scores for ESG investments.
Pilot 6: Embedding Climatic Predictions in Property Insurance Products. This project aims to develop new climate-conscious property insurance products.
Pilot 7: Assessing the Quality and Monetary Value of Data Assets. This project aims to assess the quality of different types of data assets, while also utilizing the quality assessment and type of each data asset for pricing and trading purposes within the FAME market.
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