The Real-Time Economy project promotes digital company identity and the development of eIDAS-compatible wallet services for companies, and cooperation in these fields.
The EU is developing common legislation (eIDAS2 regulation) for European wallet applications, and Finland is an active participant in this work. Underlying these efforts is the common goal of the EU to develop secure and reliable solutions for the management and use of data on natural and legal persons. The focus in the Real-Time Economy project is on promoting wallet applications for legal persons. Practical work is centred around companies and in the first stage, most of the analysis work has been carried out from the perspective of limited liability companies.
What is digital company identity?
Digital company identity consists of the basic digital data on a company and ways to authenticate the company digitally in a reliable manner. Authentication can be carried out using a digital wallet application. In Finland, digital company identity and thus also the wallet applications will be based on the Business ID and company name issued by the Finnish Patent and Registration Office.
What are the benefits of the digital wallet applications to companies?
Wallet applications are digital services of the future and they will make everyday business operations easier. Using the digital identity solutions developed in the EU, companies can enhance their reliability and facilitate cross-border trade.
Business wallet services provide a secure way to store and share information, which will make business operations smoother. Reliable identification and communications using wallet services mean less manual work and more efficient business operations. Key official certificates, licences and permits or certificates produced by the companies concerned may be stored in a digital business wallet, which facilitates the management of business and cooperation with partners.
For companies, the use of digital identity solutions may open up new opportunities, such as easier opening of bank accounts and emphasizing of company responsibility, which boosts business and internationalisation.
EU legislation ensures that common standards and technical specifications apply to business wallets, which makes them more reliable and easier to use.