Data Strategy Briefing — November 21, 2024
The European Commission closed DIGITAL Europe proposals for the EU Financial Data Space, moving supervisory and industry consortia toward 2025 build-outs that demand data quality, lineage, and interoperability commitments from participants.
Executive briefing: The DIGITAL-2024-CLOUD-DATA-04 call for proposals supporting the European financial data space closed on 21 November 2024. The Commission will now evaluate consortia plans to deliver interoperable financial datasets, data quality services, and supervisory access tooling that underpin Capital Markets Union objectives in 2025.
Key governance checkpoints
- Consortium readiness. Financial institutions joining bids must finalise data catalogues, interoperability profiles, and governance charters aligning with Commission tender requirements.
- Quality metrics. Define data quality KPIs (accuracy, timeliness, completeness) consistent with the EU Data Quality Framework and BCBS 239 expectations to secure funding.
- Supervisory interfaces. Prepare secure access mechanisms for European Supervisory Authorities, ensuring lineage and audit logs can evidence compliance.
Operational priorities
- Architecture planning. Develop target-state architectures covering shared data platforms, confidentiality controls, and cross-border access policies.
- Legal alignment. Harmonise participant agreements with GDPR, Data Governance Act data intermediation rules, and sector-specific secrecy obligations.
- Budget and staffing. Allocate 2025 funding for engineering, stewardship, and regulatory reporting teams expected to execute once grant agreements are signed.
Enablement moves
- Establish steering committees with representation from data, risk, compliance, and business sponsors to govern financial data space deliverables.
- Engage with national competent authorities early to align supervisory data needs with consortium designs.
Sources
Zeph Tech steers financial data space consortia with governance blueprints, data quality controls, and supervisory access playbooks aligned to DIGITAL Europe funding conditions.