European Commission Proposes the Establishment of European Business Wallets for Business Operations

On November 19, the European Commission published a proposal of the regulation on the introduction of European Business Wallets.

EU Business Wallets are aimed at the simplification of economic activities within the Single Market. They will strengthen the competitiveness of European enterprises, expecting to ensure at least EUR 150 billion in annual savings.

Companies will receive a tool to securely identify, authenticate and exchange data with full legal effect and trust across the EU. By using European Business Wallets, companies will be able to save time and reduce paperwork as the Wallets will be able to replace transactions carried out in person, on paper, or through other legally accepted methods.

Businesses will be able to digitally:

• Identify and authenticate with a unique and persistent identifier;

• Sign, timestamp or seal documents;

• Securely create, store and exchange verified digital documents such as licences, certificates, permits;

• Communicate digitally, securely and efficiently with customers, suppliers, businesses partners or public administrations across the EU.

Technical characteristics of Business Wallets will will be based on those of EU Digital Identity Wallets and will operate through cloud-based identity solutions for economic operators and public administrations. Thus, EU companies will make use of a a single, harmonised solution, while public sector bodies are provided with secure access to validated information.

It is also stipulated that, in order to facilitate interaction and exchange of necessary information between the  European Business Wallets users and European Business Wallets providers, the European Digital Directory, which keeps private data of economic operators, should be established. The European Commission will be responsible for the establishment and maintenance of the Directory,

The proposal awaits consideration and adoption by the European Parliament and Member States.

Press release