Complete guide to data sharing for businesses from itsme^®

The emergence of the data economy has transformed the way businesses function. Data is no longer just a byproduct of business; it’s become one of the most valuable assets organisations can rely on to enhance their operations. Businesses can unlock substantial economic value in data, but to reap this fruit, they must navigate the complexities of responsibly exchanging and handling it. 

Data sharing technology for businesses provides a crucial solution for companies that want to tap into the data economy. It enables secure, authentic and efficient access to valuable data across organisations. B2B data sharing solutions not only foster collaboration and informed decision-making but also ensure compliance with privacy regulations and safeguard sensitive information. That’s because secure data sharing platforms prioritise privacy and security, giving users control over their data and ensuring explicit consent before sharing. 

Digital ID platform itsme^® provides a secure and customer-centric solution for organisations looking to leverage data sharing. As a trusted partner to over 7 million users in Europe, itsme^® simplifies for companies the integration of eIDAS-compliant data sharing. This enables access to secure, verified data without unnecessary extra steps.  

This blog explores data sharing for businesses and answers all the important questions about it. 

Data sharing is the practice of providing access to data between individuals, organisations, or systems. Corporate data sharing solutions allow organisations to access and securely receive verified personal data about customers or citizens, such as the education status, employment history, driver’s license, etc.  

Data sharing can occur through various methods: manually, via APIs, cloud platforms, or data exchanges. It is often governed by privacy and security policies to ensure compliance with regulations like General Data Protection Regulation (GDPR).  

Digital identity and authentication service itsme^® is an example of a GDPR-compliant data sharing facilitator in Europe. itsme^® allows users to securely share their data with businesses and public services through its direct partnerships and connections with verified data vaults.  

• Need for more types of data: In today’s digital economy, businesses often require more than just an ID card or passport to facilitate transactions. For example, a car rental company not only needs to verify a client’s identity but also requires valid driver’s license and financial details to process a rental request. This demonstrates the need for secure methods to request and access a broader set of data to authenticate, verify, and enable different transactions. 

• Need for constantly up-to-date, authentic data: Trust is a key challenge that can be tackled with secure data sharing. The right level of trust can only be established when data is sourced from authentic, reliable channels. For example, in the car rental case, a driver's license may be revoked due to an offense. The rental company would only know this in real-time if they had access to a trusted data sharing system that is regularly updated. 

• Tapping into digital identity wallet technology: The growing importance of data sharing for businesses and society contributed to the emergence of digital wallets as vital tools. These wallets enable users to securely store, manage, and share verified data, such as IDs and credentials, with trusted parties, improving security and convenience. The European Union is launching Digital Identity Wallets, with each member state offering at least one by 2025. These wallets will let citizens, residents, and businesses securely store, prove, and share documents, enhancing privacy, security, and digital transactions across the EU.

Explore how secure data sharing can help your organisation

Firstly, companies face the increasing financial burden of complying with regulations around data handling, especially with stringent laws like the General Data Protection Regulation (GDPR) in Europe.  GDPR compliance costs for small to medium-sized enterprises (SMEs) can range from $1.7 million, while large enterprises may spend up to $70 million to ensure they meet all legal requirements. Secure data sharing for enterprises  can help alleviate some of these burdens by simplifying data management, automating compliance processes, and enhancing transparency.

Secondly, customers with a digital-first mindset have raised the bar for customer experience. A Salesforce survey found that 80% of customers expect instant responses from businesses, with 56% expecting real-time replies, especially through live chat or messaging apps. Data sharing between can help address this challenge by providing businesses with real-time, relevant information to respond more quickly and accurately. For example, customers can securely share their IBANs for faster payment processing or upload notarial deeds, student attestations, and diplomas to speed up services like credential verification or transaction processing.

Lastly, end-users are becoming more aware of how businesses collect, use, and share their personal data, leading to increased concerns about privacy and data security. According to Accenture, 91% of consumers worry about their data privacy, and 86% of consumers have stated that they would stop doing business with a company if they felt its data handling practices were untrustworthy. Data sharing can address these concerns by allowing customers to control what data they share and track how it is used, without fears of it being stored in many locations.

The electronic IDentification, Authentication, and trust Services (eIDAS) regulation provides a standardised framework for digital identity and the development of data sharing in the EU.

A key component in this development is the European Identity Wallet, which allows individuals to store and manage their eIDs across all member states. eIDAS supports secure authentication, electronic identities (eID), and digital signatures, which help businesses and governments exchange sensitive information with confidence. This enables seamless data sharing with trusted parties across borders. 

At the same time, eIDAS poses challenges for enterprise data sharing. This is particularly due to its high security and privacy standards, which can slow adoption and increase complexity for smaller businesses. Compliance requires significant infrastructure investment, and integrating the European Identity Wallet may cause fragmentation as businesses adapt to various eID systems across EU member states.  

Fortunately, data sharing platforms like itsme^® can help simplify compliance by providing a secure, ready-made platform for digital identity management that aligns with eIDAS, reducing the burden on businesses and enabling seamless B2B data sharing. 

• Improved customer experiences: Digital data sharing solutions provide a seamless and instant way for businesses to collect and exchange information. This eliminates the need for customers to contact multiple parties or manually request permissions and documents. It also offers a more convenient experience for both customers and businesses—without the hassle of printing, validating, emailing, or mailing physical documents.  

• Improved data management: Secure data sharing platforms simplify data management by aggregating various data types, such as financial, government, and health information, into a single channel. It also gives individuals full control of their data by enabling them to provide explicit consent before any data is shared, allowing them to manage their information securely. 

• Increased efficiency and reduced fraud: Transitioning to real-time data sharing enhances efficiency by reducing the reliance on paper-based processes and time-consuming administrative work. It also minimizes the risk of document fraud by providing secure, verified access to up-to-date information, helping businesses prevent errors and the use of outdated or forged documents. 

• Regulatory compliance: Corporate data sharing solutions ensure that businesses meet critical regulations such as GDPR, Payment Services Directive 2 (PSD2) and eIDAS. These frameworks ensure that data is shared, processed, and stored securely, maintaining compliance with privacy laws. By adhering to these regulations, businesses can build consumer trust while mitigating legal risks associated with improper data handling. 

Enhance your organisation's compliance, customer satisfaction and growth with data sharing 

B2B secure data exchange technology focuses on providing the infrastructure for efficient data transactions without compromising user control over their information. B2B data sharing solutions do not store the data themselves. Instead, they act as intermediaries, facilitating secure exchanges between users and data consumers, while safeguarding privacy by not retaining or owning the data. 

Centralised data exchange platforms help businesses to streamline processes by eliminating the need to establish individual connections with each data source using multiple technologies. This ensures a more efficient, secure, and cost-effective way for businesses to interact with data.

Data sharing solutions also contribute to compliance with regulatory standards such as GDPR, eIDAS and PSD2 — especially as they give users control over their data and ensuring explicit consent before sharing. 

• In healthcare, data sharing in healthcare allows hospitals and providers to securely exchange patient information, improving care by giving doctors quick access to medical records.

• Data sharing in finance allows customers to securely share their information with third-party services for financial management or loan applications, all while maintaining control over their data. For example, The HDN platform in the Dutch mortgage market provides direct access to verified data like income, identification, collateral, and obligations. Each year, 368,000 mortgage requests are processed through the HDN platform, and the use of source data speeds up approval times by about 90%. Applications using the platform have an 80.4% approval rate, compared to 67% for those without verified data.

• Online gaming platforms can use data sharing to verify a player's IBAN, reducing fraud and ensuring smooth payouts. 

• The status quo is the biggest challenge in the face of implementing data sharing. It is exemplified by outdated, manual processes for document exchange that are neither secure, compliant, nor efficient.  

• Misalignment between different parties in data privacy and security requirements, such as compliance with regulations like GDPR, PSD2, and AML. This hinders their ability to seamlessly exchange data in a useful manner between them.

• Issues related to poor data quality, including inconsistencies, errors, or outdated information hinder the implementation of data sharing. The lack of standardisation adds to the complexity, as incompatible data formats and classifications across systems make interoperability difficult and prone to errors. 

• Trust is another significant barrier, as organisations must ensure that the shared data they are receiving is accurate, secure, and compliant with privacy regulations. Without trust, organisations may be hesitant to share or receive sensitive information. 

itsme^® helps in addressing addresses all those challenges by setting a standard that focuses on verified data sharing that enhances security, compliance, and efficiency. 

The first phase of itsme^®'s data sharing product was launched in March 2025. It focuses on facilitating the secure exchange of student attestations in Belgium between Athumi's data vault and employers. Athumi digitises student attestations, providing accurate and up-to-date information for use cases such as HR onboarding, mobility subscriptions, and student discounts. Through itsme^®, students can easily share their verified data with companies like Dibbs, a student job portal, which helps pre-qualify students for job applications.  

In the future, itsme^® aims to tap into other resources stored in Athumi’s vaults, including academic and vocational diploma’s (for HR onboarding), and energy performance certificates for green mortgages, renovation loans and property valuations.  

The second phase of itsme^®'s data sharing offering involves a new connection with the Izimi vault, developed in partnership with the Federation of Belgian Notaries (FedNot). This integration allows users in Belgium to easily share with businesses notarial data related to family matters or properties, simplifying the overall process. 

Looking ahead, itsme^® plans to expand its data sharing offerings by integrating additional data sources and attributes. These include IBAN information, company details (such as specific mandates within a company), pay slips, and driver's licenses, among others. This expansion will enable users to securely and efficiently share a broader range of verified data, further streamlining processes and enhancing the customer experience across various use cases. 

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itsme^® provides a secure and customer-centric solution for organisations looking to leverage data sharing. As a trusted partner to over 7 million users in Europe, itsme^® simplifies the integration of eIDAS-compliant data sharing by offering secure, verified data without adding unnecessary steps.