Digital Identity Solution for Corporations: Introducing the Business Wallet
The European Business Wallet, a secure digital container designed for legal entities, is set to revolutionise business-to-government (B2G) interactions, making activities like e-procurement, license acquisition, and regulatory reporting simpler and safer. This digital tool, currently in the study and definition phase, is an important part of the European Commission's digital transformation strategy.
The Business Wallet will manage legal identities, delegations, and professional credentials that define the nature and operations of a legal subject. It is a component of the Communication "A Competitiveness Compass for the EU", which outlines work underway on specific solutions for legal entities.
The Business Wallet is not just about technology, but about trust in digital interactions and efficiency in processes currently requiring long times and paper documentation. By managing digital activities securely and transparently, the Business Wallet will enable businesses to "speak digitally" with the same reliability and transparency as citizens with their own EU Digital Identity (EUDI) Wallet.
The European Commission has announced that work is now underway on the European Business Wallet. Experiments for the Business Wallet are underway, and interest is growing, making it a concrete evolution of how companies will identify and interact in the future digital European landscape.
Unlike the EUDI Wallet, which serves a broader purpose that includes personal and professional identity verification, the Business Wallet is specifically designed for business-related credentials and processes. It could potentially lead to solutions for digital transformation in areas such as document archiving, digital onboarding, EDI, electronic invoicing, corporate electronic signature, electronic seal, document management software, and supply chain management.
Moreover, the Business Wallet will make B2B collaborations more fluid, for example in due diligence checks or new contract activations. It will also enable secure and verifiable management of digital activities, potentially leading to solutions for digital transformation in various sectors.
The Business Wallet represents a strategic step towards a truly inclusive and interoperable digitalization of businesses and institutions. As the digital world becomes increasingly important, the Business Wallet will provide a reliable system to guarantee the same level of certainty in the digital world as in the physical world. This will undoubtedly contribute to a more efficient and streamlined European business landscape.
[1] European Commission. (2021). EU Digital Identity Wallet for Citizens. Retrieved from
The European Business Wallet, designed for legal entities, will manage business-related credentials and processes, including financial transactions and technology solutions such as document archiving, electronic invoicing, and supply chain management. By ensuring secure and verifiable digital interactions, the Business Wallet will facilitate smoother B2B collaborations and contribute to a more efficient European business landscape.
