As part of Horizon Europe, FAME, led by GFT Italia, receives support from the eco Association and other leading European organizations to develop a trusted solution for secure data management.
FAME: eco Supports EU Project for Financial Services
FAME’s objective is to create a secure federated data marketplace for embedded finance (EmFi). This should soon enable companies to easily and securely integrate financial services into their offerings.
When information flows safely and securely in open ecosystems, new forms of collaboration emerge across the board. The value of data is currently increasing drastically. We need marketplaces to access, sell, share and retail data and data sets. Data ecosystems such as FAME provide the basis for this. The EU-funded project is currently creating a centralized data marketplace for embedded finance (EmFi). These embedded financial services enable companies to offer financial services to their customers alongside their core business. A classic example of this is payment by instalments or insurance that online retailers can offer their customers at the click of a button. But the possibilities go much further.
Global data marketplace for embedded finance is emerging
“The main goal of FAME is to develop, integrate and validate Europe’s first federated, decentralized, trustworthy and energy-efficient data marketplace for EmFi and offer it as a publicly accessible service,” says Christine Neubauer, Project Manager at eco – Association of the Internet Industry. At its core, FAME is a group of data providers and data consumers. Everyone acts on an equal footing. “FAME is being evaluated on the basis of various real use cases in the financial sector in order to build a vibrant community of EmFi stakeholders around the planned marketplace.”
The basis for this is a data ecosystem in which companies share their data on the basis of defined rules. According to the EU, using data transparently, comprehensibly and, above all, jointly instead of cultivating it in silos and monopolies creates great economic leverage. “The smart use of data can have a transformative effect on all sectors of the economy and can create new opportunities for economic growth, including for small and medium-sized enterprises,” writes the EU Commission on its website.
Many providers of EmFi data sets participate in a federated cloud environment.
Gaia-X provides all the building blocks for an open financial world that dissolves monolithic business models with data-centric products: standardized software elements that are necessary to open up opportunities for players. Opportunities that only arise when information flows – bidirectionally and across the board – on a decentralized and distributed data infrastructure. With the experience and expertise gained working on the Gaia-X Federation Services (GXFS), eco can describe concepts that fit into FAME.
FAME is currently creating a federated cloud environment with multiple providers of EmFi data assets, including datasets, AI/ML models and more. By connecting with more than a dozen data marketplaces, the project will launch seven pilot projects. To unlock the potential of the data economy, FAME will also establish a learning center for technical and non-technical users, as this is an important prerequisite for unlocking the potential of the data economy.
By René Bernard, Senior PR Editor, eco – Association of the Internet Industry
