What is an organizational wallet?

Every day, thousands of companies in Europe exchange identity documents, certificates and administrative credentials to establish business relationships, open bank accounts or respond to invitations to tender. Yet these processes remain cumbersome, costly and vulnerable to document fraud.

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With initiatives such as the WeBuild consortium, in which Archipels has been involved from the outset, Europe is equipping itself with the tools needed to make the organizational wallet a new standard for B2B exchanges.

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Definition and operation

An organization wallet, business wallet or enterprise wallet is a digital wallet that enables companies to securely store, manage and share verified and authentic data in the form of digital credentials.

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Thanks to this technology, companies can exchange information instantly and confidently, without having to resort to complex administrative procedures.

To find out more about the KYC documents a company should request, see our dedicated blog post.

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Why do we need it?

Companies regularly need to prove their identity and compliance in a variety of contexts: opening bank accounts, accessing financial services, responding to calls for tender or administrative checks. Currently, these processes are :

• Long and tedious, often involving the sending of multiple paper or PDF documents.
• Sources of error and fraud, with risks of document falsification.
• Costly, due to processing times and manual checks.

With an organization wallet, these exchanges become instantaneous, automated and ultra-secure, reducing costs and the risk of fraud.

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What are the differences between an organization wallet and an EUDI wallet?

The Organization wallet and theEUDI wallet (European Digital Identity Wallet) are two initiatives supported by the European Commission, aimed at strengthening digital identity and trust in dematerialized exchanges. To ensure their effective implementation, Large Scale Pilots (LSP) - large-scale test programs involving public and private players across Europe - have been set up.

The organization wallet is specially designed for businesses, enabling them to store and share verified data in a secure environment. TheEUDI wallet, on the other hand, is designed for European citizens and is mainly used for authentication and personal identification to online services.

Unlike the global EUDIW project, which covers both individuals and companies, the WeBuild consortium focuses exclusively on the development of the organizational wallet, setting up interoperability standards and testing use cases specific to the professional and institutional world.

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WeBuild: a European consortium to structure the organization wallet

The WeBuild consortium, supported by the European Union, brings together a wide range of players from the digital, blockchain and decentralized digital identity sectors. Its aim is to develop a standardized, interoperable infrastructure for organizational wallets, ensuring their compliance with European regulatory requirements and widespread adoption.

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Example of a use case explored by WeBuild

Simplified access to financial and public services

Currently, opening a bank account, contracting with a supplier or responding to a call for tenders requires a large number of documentary checks. These processes can take several weeks, due to manual compliance checks and the risk of fraud.

With an organization wallet, a company can instantly prove its identity and regulatory compliance through verifiable digital credentials. This drastically reduces processing times and facilitates exchanges between companies and government agencies.

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The European Commission speeds up the organizational wallet revolution

The adoption of the organization wallet enjoys strong political support.

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In particular, she emphasized :

✔️ The importance of defining a framework for what is expected of each country's portfolio infrastructure for legal entities.

✔️ The key role of European companies in building a trusting ecosystem.

✔️ The advantages of the organization wallet for cross-border exchanges, facilitating mutual recognition of corporate identities between member states.

This institutional support is a strong signal to accelerate the deployment of business wallets on a large scale.

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Conclusion: towards a European standard for B2B identity exchanges

Thanks to initiatives such as WeBuild and the commitment of the European Commission, the organizational wallet is gradually establishing itself as the new standard for B2B digital exchanges in Europe.

What's next? Large-scale deployment of the organization wallet and its integration into the eIDAS 2 framework.

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