IDS architecture enabling data sovereignty beyond existing solutions
November 13, 2020. One of the EU’s current main focus points are the data-related challenges of our time as well as those of the future. The TRUSTS Trusted Secure Data Sharing Space project (Grant No. 871481) through this endeavour. The project’s consortium consists of 17 partners in nine countries. One of the partners, the International Data Spaces Association hosted an enlightening online event in the frame of its regularly held Live Sessions about the role of TRUSTS in the financial industry, including a panel discussion.
Data markets offer a variety of possible solutions to current social and economic challenges, not only when it comes to personal data but there’s particularly much potential in using industrial and commercial data for business optimisation and developing sustainable and successful services or platforms. 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 is established within TRUSTS. The vision of the 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. In today’s live session, 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), Coordinator of EU projects at Leibniz University Hannover , says in this context:
“Our vision is to create an environment that is transparent and fair, and holds all stakeholders accountable – and also further spurs the growth of our European economy.“
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 (ERP) to clarify the requirements for compliance in the context of Anti-Money-Laundering. 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%, via new artificial intelligence and machine learning skills, while the detection of financial crime and AML gets way faster”,
contributes Mrs. Gianna Avgousti, R&D Project Manager at eBOS Technologies Ltd, to the IDSA Live Session.
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, explains:
“Relational‘s main contribution to Use Case 3 (Improve Customer Support Services by Data Acquisition) is an improvement in anonymisation, 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.
George Kostopoulos from Piraeus Bank, Greece’s largest bank states:
“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 organisations bears fruitful results with regard to good business decisions or marketing campaigns. Still, there are too many open questions left for banks concerning anonymisation and efficient use of data. This is a potential output of TRUSTS: better services for companies with Big Data.
“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”,
says Benjamin Heitmann, postdoctoral researcher at Fraunhofer FIT. He further explains that data exchange as a service bears huge potentials in various forms of optimisation 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, standardisation and interoperability is guaranteed.
Check out the whole live Session here or on YouTube.
TRUSTS Communication Lead
Data Intelligence Offensive
+43 664 20 45 965