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

Abstract—Data leads to knowledge, being considered crucialfor running a successful business. Its production is dramaticallyincreasing, generating challenges into identifying what data isworth extracting and what is not. Complementary to the datavalue, data marketplaces are becoming increasingly popularserving as the sources for additional data. They offer purchasingand selling capabilities for external data, simplifying datasourcing, while enabling users to navigate today’s complex dataworld. Data marketplaces are continuously developed, servingthe requirements of individuals and businesses in industriessuch as healthcare or telecommunications, with the top onescovering 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 fromaccessing data from federated data providers in different sectorsand transparent value driven approaches, the existence of EmFidata marketplaces is vital. In this manuscript, the FAMEproject is introduced aiming to launch a federated EmFi datamarketplace. It goes beyond current data marketplaces since itsupports the EmFi domain that currently lacks dedicatedmarketplaces, also offering: (i) a federated data catalogue, (ii) asingle-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, DataTrading, Data Monetization, Energy-efficient Analytics