The EUDI wallet for citizens and businesses is quite straightforward to implement with member states galvanised to introduce national wallets, compared with the Business Wallet that gained traction this year. Banks are piloting verifiable credentials in business wallets as they go mainstream in 2025, after the European Commission announced the initiative in the EU Competitiveness Compass 2025 – Watch Mark Hanhart in this interview speak about the mainstream shift towards embracing the “company passport”.
The wallet will provision digital identities benefitting B2B and B2bank cross-border interactions.
Pilots for the initiative have strived for infrastructure for business register driven company wallets, believing they could be the top enabler of European competitiveness.
However, research suggests as the Business Wallet starts to see a shift of acceptance, the development for countries faces technical and regulatory hurdles and fragmented registries of master data estimated by different B2B relationships that are often stored in different systems.
The regulation must oversee a cohesive format for Business wallets and create a standard use for them like the EUDI Wallet, whilst member states develop the data management systems, according to Biometric Update.
The strategic framework will eventually mandate what is expected of each country’s infrastructure for the legal persons wallet, allowing cross-border interaction for businesses and reinforcing the single market. The timeline remains unclear, as we reported in June at Identity Week Europe 2025, for a specific specification applying to private entities, banks, partnerships, and public authorities. There has been contentious debate whether the authentication providers should be private or public.
The research from the European School of Management and Technology in Berlin states: “On average, a company incurs annual costs of around €11 per master data maintenance. This estimation is based on an estimation performed by Verband Deutscher Automobilhersteller”.
Companies currently maintain their master data records manually which is time-consuming and likely to lead to errors.
Automated supplier master data management saves an estimated €85 billion for German companies.
