A Key Step in Business Digitalization
The European Commission has selected the consortium WE BUILD (Wallet Ecosystem for Business & Payment Use cases, Identification, Legal Person Representation, and Data Sharing) for the second phase of large-scale testing of the EU Digital Identity Wallet. With the participation of nearly 200 public and private sector partners, including 13 European commercial registries, this initiative aims to improve digital identification and data exchange in the business and financial sectors across Europe.
Objectives of WE BUILD
WE BUILD seeks to transform the interaction between businesses and public administrations within the European digital ecosystem. Thanks to the EU Digital Identity Wallet, processes such as commercial credential verification, electronic signature, and secure authentication for cross-border transactions will be facilitated. Some of the consortium’s key objectives include:
- Optimization of B2B, B2G, and B2C processes to enhance efficiency and security in digital interactions.
- Automation of identity verification in key areas such as Know Your Customer (KYC), Know Your Business (KYB), and Know Your Supplier (KYS).
- Cost reduction and improved interoperability in cross-border commercial transactions.
The Role of Signicat in the Initiative
As a leading provider of digital identity solutions in Europe, Signicat plays a key role in the development of the business digital identity wallet. Its contributions include:
- Enabling clients to access personal and organizational wallets.
- Issuing verifiable credentials, such as business representation information and signing mandates.
- Facilitating the electronic signing of documents on behalf of organizations within the European ecosystem.
Structure and Scope of the Consortium
The WE BUILD consortium is made up of an extensive network of participants:
- 20 digital wallet providers.
- 13 commercial registries.
- 20 digital identity dependent entities.
- 30 Qualified Trust Service Providers (QTSPs).
- 25 public agencies.
With an estimated investment of 25 million euros, WE BUILD has the financial and technical backing to develop innovative solutions that drive business digitalization in Europe.
Implementation and Key Timelines
- April 2025: Completion of the funding agreement.
- September 2025: Start of the pilot program lasting 24 months.
- December 2026: EU Member States must provide Digital Identity Wallets and Digital Identity Providers (PID) under the eIDAS regulation.
- December 2027: Regulated industries must accept EU Digital Identity Wallets for Strong Customer Authentication (SCA).
Conclusion
The WE BUILD initiative marks a milestone in business digitalization in Europe, consolidating a secure and efficient ecosystem for digital identification and cross-border transactions. With the support of the European Commission and collaboration from multiple public and private sector players, this project will enable businesses to operate more securely, efficiently, and in compliance with EU digital identity regulations.
However, digital identification also poses significant risks that need to be considered. These include vulnerability to cyberattacks, misuse of personal data, and dependency on centralized technological infrastructures. Implementing these systems may expose businesses and citizens to threats such as identity fraud and unauthorized access if robust security measures are not applied.
Furthermore, interoperability between different national and private systems can present challenges in standardizing security and privacy protections. It is crucial that businesses and government agencies work together to develop clear regulations, security audits, and control mechanisms, ensuring that digitalization does not compromise the rights and security of citizens and organizations.
Source: Signicat