As we look to create a standard use for Business Wallets like the EUDI Wallet, the European Commission has taken a major step publishing its proposal for the regulation, aiming to simplify economic activity for businesses and reduce administrative burdens by managing identity, licences and paperwork in one place.
This year, we have seen a mainstream interest in infrastructure for business register driven company wallets to enable European competitiveness for B2B and public sector interactions. As such, the development will create new technology and regulatory challenges whilst we find a cohesive format for business wallets and harmonise data management through different B2B relationships.
Under the Digital Europe Programme, WeBuild consortium is exploring high-impact business and supply-chain use cases along with its public and private members, scoping KYC processes, cross-border document exchange, reporting mandates, and allowing company representation.
It is supposed to complement the European Digital Identity Wallet and eIDAS which came first and requires compliance from member states by the end of 2026. It could somewhat create some uncertainty with the guidelines for legal persons scoped for the EUDI Wallet, although not fully defined on their purpose and functioning for legal persons.
The EU organisational wallet will include electronic identification or recognised ID, and enable real industry automation with AI smart supply chains where friction currently exists between all kinds of business operations. The legal, verifiable entity will be shared on an industrial scale. The wallet will unlock a 1 trillion euro opportunity with the support from AI.
Offering a simplified digital identity is estimated to save up to €5 billion in administrative costs by 2029 and could save businesses another €150 billion per year.
European Business Wallet back-end shall use at least one Wallet secure cryptographic device protecting public keys. Providers should ultimately ensure the “integrity, authenticity and confidentiality of the logged information”.
