Consumer Banking | Use Case

Although there has been significant progress in banking regulation and supervision, through a single rulebook and the European Central Bank (ECB) overseeing banks in 21 Member States, the banking market remains largely organized along national lines. While this does not prevent cross-border banking or payments, it can introduce additional complexity and make certain processes less efficient.

EU Digital Identity Wallets (EUDIW) have the potential to improve specific aspects of consumer banking.

Rather than fundamentally transforming the system, they can enhance the speed and reliability of processes such as identity verification and onboarding. By enabling secure and reusable identity data, EUDIW can support AML-compliant (Anti Money Laundering) and KYC (Know Your Customer) procedures in a more efficient way. This allows banks to access verified information more quickly and reliably, while reducing some manual effort. For customers, this can simplify interactions with financial institutions, particularly in cross-border contexts. Overall, these wallets can contribute to more efficient and dependable banking processes within the existing framework, supporting better service delivery without replacing current payment methods or structures.

For example

An individual moves to another EU country for work and needs to open a local bank account to receive their salary and pay daily expenses. Today, this may require in-person visits, paper documents, and separate identity checks based on national rules. With consumer banking enabled through a European Wallet, the individual can digitally prove their identity, residency status, and eligibility to open an account in a secure and trusted way. Instead of repeated paperwork or lengthy verification, the bank can instantly authenticate the customer across borders, speeding up account opening and making everyday banking simpler throughout the European Union.

What we’re aiming for:

Enable seamless and secure cross-border consumer banking services

Implement AML-compliant (Anti Money Laundering) KYC (Know Your Customer) identity verification

Simplify the digital signing process

Streamline resource-intensive processes that involve manual verification, and duplicated efforts in order to reduce operational costs

Maintain the highest security and regulatory compliance standards, and improve user experience for consumers

Use Cases

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USE CASE

Know Your Business Partner (KYC/KYS/KYB due diligence)

Business due diligence within the EU involves verifying and establishing trust in business partners across Member States. Through KYC (Know Your Customer), KYS (Know Your Supplier) and KYB (Know Your Business) procedures, organisations assess legitimacy, ownership structure, financial soundness and regulatory compliance - all essential for safe and efficient cross-border cooperation.

USE CASE

Create Company Branch

Creating a company branch in the EU involves enabling businesses to expand across member states while ensuring compliance, transparency, and security of corporate data. It’s a key enabler for European businesses to operate and scale with confidence across borders.

USE CASE

Foreign Tax Declaration

Foreign tax declaration in the EU ensures that companies comply with tax obligations when operating across member states, particularly in cross-border structures involving parent companies and subsidiaries. It is a critical enabler of transparent and lawful business activity within the EU Single Market.

USE CASE

Company Representative acting on behalf of a Company

Authorizing individuals to act legally and digitally on behalf of a business across member states, and defining which activities they are permitted to perform, is a key enabler for efficient cross-border operations, including administrative procedures and banking services.

USE CASE

Issuing Micro-Credentials and Verified Skills

Micro-credentials and verified skills enable individuals to develop and demonstrate specific skills and competences through digital certificates linked to short-term learning, training or practical experience. This is a critical enabler of lifelong learning, workforce mobility, and skills transparency across Europe.

USE CASE

Business Access to Once-Only Technical System (OOTS)

The Once-Only Technical System (OOTS) streamlines data retrieval for cross-border procedures, enhancing trust, efficiency, and data exchange among EU public administrations and citizens. It connects public authorities across the EU, so they can exchange official documents and data at the citizen's or business's request. It’s a key component for improving registration, compliance, and reporting processes across the EU.

USE CASE

Authentication & Access for Transport

Authentication and access in transport involve verifying who or what is requesting access to transport-related systems and services, and determining what actions they are authorized to perform. This is a critical enabler of seamless logistical flows across Europe and efficient global transport operations.

USE CASE

Trusted Data Sharing for Data Spaces

Data is transforming how we live, work and innovate, powering everything from personalised medicine to smarter cities. Trusted data sharing in secure Data Spaces lets organisations optimally collaborate and innovate while keeping control, privacy, and compliance. To unlock the value of data for the EU, Common European Data Spaces have been established in strategic sectors, providing an open, secure, and privacy-preserving environment. These Data Spaces enable new data-driven services and strengthen a connected, competitive European data economy.

USE CASE

eInvoicing

eInvoicing is the structured electronic exchange of machine-readable invoice data between suppliers and buyers, enabling automatic processing, as defined in EU legislation. These structured digital invoices have many benefits, from facilitating cross-border trade and reducing late payments, to enhanced error detection and clear sustainability reporting. It’s a key enabler for improving Europe’s single market in the digital age.

USE CASE

Consumer Payments

Consumer payments in the EU involve providing fast and secure transactions across member states while protecting users and ensuring transparency.

USE CASE

Corporate Banking

Corporate banking in the EU involves enabling businesses to operate across borders through secure financial services. This includes trusted onboarding and account opening processes, during which banks verify identities and ensure regulatory compliance.

USE CASE

Corporate Payments

Corporate payments in the EU involve enabling fast and secure cross-border transactions while ensuring compliance, data protection, and transparency. A core component of day-to-day business operations across member states.