Both partners plan to establish a forum to facilitate joint testing of digital credential technologies, drive pilot projects, and share information. They will develop joint use cases and pilot projects towards interoperability of digital identity wallets and digital credentials and trust services.
joint testing facility for wallets / data connectors
the cooperation on digital credentials and trust services, including on technical interoperability and solutions based on digital identity wallets, the EU and Canada signed a Memorandum of Understanding on Digital Credentials and Trust Services.
Relevant to EU wallett efforts and to trusted data transactions. This is a 2nd MoU
Companies will not be obliged to use the European Business Wallets. The Regulation places obligations solely on public sector bodies to accept its core functions, while companies remain free to decide whether to adopt the wallets for their commercial operations or interactions with public authorities
wallets are voluntary, but PSBs must accept them. Asymmetry may impact adoption? ('costly to prepare but noone uses them')
In parallel, the Commission will work closely with Member States and the private sector to define the technical standards and requirements for European Business Wallets through ongoing efforts under the European Digital Identity Framework and in large-scale pilot projects funded under the Digital Europe Programme such as the WeBuild consortium.
technical standards and reqs not yet defined.
It is estimated that simplification efforts will save up to €5 billion in administrative costs between now and 2029. Moreover, the European Business Wallets should unlock at least EUR 160 billion in savings for businesses each year.
Savings projects between 2025 and 2029, odd bc it is only now in proposal. May well be 2027 before law is there, implementation another 2 yrs, so no real change until 2029/2030?
The technical architecture and features for the European Business Wallets will build on the one for the EU Digital Identity Wallets.
Business wallets will build on existing personal wallets tech and infra. What about existing entity identifiers (Digidentity e.g.)?
Designed to be accessible for businesses of all sizes, including SMEs and microenterprises, as well as public administrations
EU wallets for all types of orgs. SME's / micro entities and PSBs, are 99% of all EU entities.
The European Business Wallets are one of the key deliverables of the Digital Package. The Commission proposes a regulation to establish those Wallets as a harmonised digital solution to ease the administrative burden and to enable companies and public sector bodies to identify, to authenticate and to exchange data in a secure and user-friendly way, with full legal effect across the European Union.
EU Business Wallets proposed as regulation in the 2025 work programma. So in first step of legislative process.
EU digital Business Wallets