Data Marketplaces: Best Practices, Challenges, and Advancements for Embedded Finance

Abstract—Data leads to knowledge, being considered crucial
for running a successful business. Its production is dramatically
increasing, generating challenges into identifying what data is
worth extracting and what is not. Complementary to the data
value, data marketplaces are becoming increasingly popular
serving as the sources for additional data. They offer purchasing
and selling capabilities for external data, simplifying data
sourcing, while enabling users to navigate today’s complex data
world. Data marketplaces are continuously developed, serving
the requirements of individuals and businesses in industries
such as healthcare or telecommunications, with the top ones
covering individual online activities and financial information.
Above all, bank transactions have altered due to digitalization,
with most consumers currently employing Embedded Finance
(EmFi) applications. Given that the latter can benefit from
accessing data from federated data providers in different sectors
and transparent value driven approaches, the existence of EmFi
data marketplaces is vital. In this manuscript, the FAME
project is introduced aiming to launch a federated EmFi data
marketplace. It goes beyond current data marketplaces since it
supports the EmFi domain that currently lacks dedicated
marketplaces, also offering: (i) a federated data catalogue, (ii) a
single-entry point authorization/authentication infrastructure,
(iii) a decentralized trading and monetization capability, and
(iv) a set of EmFi-related trusted and energy-efficient analytics.
All the capabilities of the FAME data marketplace are analysed,
depicting the current market status and FAME’s advancements.
The manuscript concludes into the overall vision of FAME,
depicting its applicability and future evaluation processes.
Keywords—Data Marketplace, Embedded Finance, Data
Trading, Data Monetization, Energy-efficient Analytics