The TRUSTS research project is based on this idea. In addition to the added value that results from the project, the main aim is to establish trust in data markets. For this purpose, a legal and ethical framework has been established within “TRUSTS Trusted Secure Data Sharing Space” project (EU Grant No. 871481). The vision of this project is to serve not only as a pan-European, GDPR-compliant data market but also as a federator between existing data markets. The considerations and results are tested in three use cases for their practicability and relevance.
Use cases for a secure data sharing space in finance
In a live session, organized by the TRUSTS consortium and IDSA, the speakers focused on the financial use cases, which are Anti-Money Laundering Compliance, Agile Marketing through data correlation, and improvements in Customer Support Services by Data Acquisition. TRUSTS coordinator, Alexandra Garatzogianni, Head of Knowledge and Technology Transfer (TIB, www.tib.eu/de), Coordinator of EU projects at Leibniz University Hannover, said in this context: “Our vision is to create an environment that is transparent and fair, and holds all stakeholders accountable – but also further spurs the growth of our European economy.“
Anti-Money-Laundering Compliance (AML)
The lead partner of the Anti-Money-Laundering (AML) Use Case is eBOS Technologies Ltd. eBOS provides its existing technology, a state of the art suite of software solutions for enterprises WiseBOS Enterprise Resource Planning to clarify the requirements for compliance in the context of AML. The illegal movement of money to hide its original source (money laundering) has intensified over the recent years and has turned into a global concern that calls for smarter prevention and control approaches. “TRUSTS adds a new data approach to AML practices that radically reduce false positives by 95 percent via new artificial intelligence and machine learning skills, while the detection of financial crime and AML gets way faster”, contributes Gianna Avgousti, R&D Project Manager at eBOS Technologies Ltd., to the IDSA Live Session.
Improve Customer Support Services by Data Acquisition
Another software service used within the project comes from Relational FS, who are mainly responsible for developing business intelligence solutions, such as AroTRON™. Christos Roupas, Director for EU projects at Relational, explained: “Relational‘s main contribution to Use Case 3 (Improve Customer Support Services by Data Acquisition) is an improvement in anonymization, and human-computer interaction as well as rising the potentials of chatbots for customer interaction.“ The goal in this context is to generate services which support financial institutions in understanding and (re)using data.
Potential of data marketplaces for financial service providers
George Kostopoulos from Piraeus Bank, Greece’s largest bank, stated: “Every bank disposes a lot of data, better said Big Data. Reality is that data in such a business context only serve the purpose of more efficient reporting or marketing campaigns.“ For financial service providers like banks, data marketplaces bear huge potentials but also risks, mainly due to the use of personal data, accompanied by regulations and legislations that limit business options. Data selling is definitely far away to be used by banks and other financial institutions, but data sharing is and will be relevant in the near future as combining data of two organizations bears fruitful results with regard to good business decisions or marketing campaigns. Still, there are too many open questions left for banks concerning anonymization and efficient use of data. This is a potential output of TRUSTS: better services for companies with Big Data.
IDS architecture as a base for sovereign data exchange
“Data sovereignty is a huge success factor for data sharing but has not been well developed yet. It is not clear for many actors how to achieve this data sovereignty“, said Benjamin Heitmann, postdoctoral researcher at Fraunhofer FIT. He further explained that data exchange as a service bears huge potentials in various forms of optimization for companies in the financial sector and that data sovereignty is absolutely necessary for a secure and trustworthy exchange of data. The IDS architecture builds a good base for sovereign data exchange with focus on usage control and usage enforcement. Still, there is a given dependency on the particular ecosystem or company, which is implementing them. This is where TRUSTS’ contributions are needed: focusing on cryptographic and statistic approaches, analytics, and data intelligence. As a result, standardization and interoperability is guaranteed.
Check out the entire live session here https://www.internationaldataspaces.org/recorded-idsa-live-sessions/#techtalks or on Youtube.