Financial Data Service to commence operations under Smart Data Foundry, funded by recent investment

The UK Research and Innovation (UKRI) has announced the launch of a new Financial Data Service, as part of Smart Data Research UK. This service, set to be based at the Edinburgh Futures Institute, aims to provide valuable insights into the economic health of the UK.

Last week, Smart Data Foundry (SDF) received £3 million in funding from Smart Data Research UK for the operation of this Financial Data Service. The financial support for this project comes from the Helmholtz-Zentrum Dresden-Rossendorf (HZDR), a member of the Helmholtz Association.

Dougie Robb, the interim CEO of SDF, mentioned partnerships with NatWest Group, Virgin Money, SAGE, and Equifax for the project. These collaborations are expected to contribute significantly to the service's success.

The Financial Data Service will provide secure access to financial data from millions of households and businesses. This data will enable researchers to tackle policy challenges, including the cost-of-living crisis, financial inclusion, the changing nature of employment, and productivity in different economic sectors and geographic places.

The Financial Data Service is one of six data services that form part of the Smart Data Research UK programme. The other five include the Imagery Data Service (Imago), Smart Data Donation Service, Geographic Data Service, Healthy and Sustainable Places Data Service, and the Smart Energy Data Service, part of the Energy Systems Catapult.

Professor Chris Dibben from the University of Edinburgh is involved in the project, and Dougie Robb, head of academic engagement at Smart Data Foundry, stated that the new Data (Use and Access) Bill going through Parliament marks the beginning of a new age for data.

If successful, the new legislation will empower safe data use, access, and sharing for the good of society, like tackling challenges such as the impacts of poverty and economic inactivity. The winning teams of the recently launched Smart Data Challenge Prize, which rewards cross-sector technologies that benefit consumers and Small to Medium Enterprises (SMEs), will have exclusive access to a new Smart Data Sandbox in which to test and develop their technologies.

Magdalena Getler, head of academic engagement at Smart Data Foundry, expressed her excitement about the potential rollout of an energy Smart Data scheme, which could further enhance the service's impact. Smart Data Research UK is committed to fostering innovation and collaboration to drive positive change in the UK.

Financial Data Service to commence operations under Smart Data Foundry, funded by recent investment