Corporate Banking | Use Case

Today, these processes can involve different national rules and some manual steps, which may occasionally slow operations or create friction for cross-border access within the Single Market.

EU Business Wallets (EBW) and EU Digital Identity Wallets (EUDIW) have the potential to make these processes more efficient.

By supporting KYC (Know Your Customer) procedures, enabling representatives to seamlessly sign contracts, and allowing companies to open and use bank accounts through verifying information with wallets, corporate banking could become more streamlined and consistent across Member States, while complementing existing banking practices. The use of EBW can support in obtaining identity information and authorization necessary for corporate banking and play a key role in regulatory compliance processes.

For example

A company wants to open a business bank account in another EU country to support its cross-border operations. Today, this often involves multiple in-person visits, repeated submission of corporate documents, and separate KYC checks based on national rules. Instead of exchanging documents through emails and different national portals, the company uses an EU Business Wallet. Through the wallet, the company can securely prove its legal identity, share verified corporate and ownership data for KYC purposes, and allow its authorised representative to sign account agreements digitally. The bank can trust the identity and data provided, apply compliance checks more efficiently, and open the account faster, making corporate banking more seamless, secure, and truly cross-border across the EU.

What we’re aiming for:

Facilitating the cross-border opening and use of business bank accounts for companies

Demonstrating the value of European Business Wallets in obtaining identity information and authorizations necessary for corporate banking

Demonstrating regulatory compliance with KYC/ AMLR6 requirements- Know Your Customer and Anti Money Laundering requirements

Use Cases

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USE CASE

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Foreign Tax Declaration

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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.

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Issuing Micro-Credentials and Verified Skills

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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.

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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.

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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 Banking

Financial services for EU citizens, such as opening a bank account in another member state, rely on strong data protection, transparency, and regulatory compliance, while keeping the process seamless for users.

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 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.