EU Council gives initial green light to digital wallets for businesses
European business wallets are designed to digitise and streamline transactions across the EU, both between businesses and with public authorities
Key points
Yesterday, 9 June, the European Council adopted its position on the proposal to establish European corporate portfolios (European business wallets), a digital tool designed to simplify and secure business interactions across the European Union, both between businesses and with public administrations.
Building on the eIDAS2 framework, European business wallets will enable companies to digitise many operations that currently require in-person handling, thereby facilitating, through a harmonised European solution, secure communications and the cross-border exchange of documents for businesses operating in different Member States.
Implementation by 2026
The adoption of the Council’s position demonstrates the Member States’ commitment to reaching a final agreement on this legislation by the end of 2026, as called for by EU leaders in the conclusions of the March 2026 European Council. The adoption of the European corporate portfolios is in line with the ‘One Europe, One Market’ roadmap, which aims to transform the EU into a truly seamless single market. Companies using a European corporate wallet will be able to:
- verify the identity of others and prove one’s own digitally;
- create, store and share trusted documents instantly, including verified licences, permits and certificates;
- sign, stamp and seal documents electronically;
- delegate legal authority to representatives;
- communicate securely with other businesses or public administrations via an efficient digital channel.
Objectives and clarifications
The key provisions of the Council’s position focus on:
- interoperability: the Council emphasises that European business wallets should complement rather than replace existing national B2B and B2G systems;
- equivalence: although digital actions via European business wallets are widely recognised as legally equivalent to traditional paper-based processes, the Council specifies that national administrative and procedural requirements remain applicable;
- powers of attorney/legal mandates: Member States clarify that the authorisation system established in the proposal is not intended to affect any powers of attorney or legal mandates provided for under national or Union law;
- EBW providers: to improve cybersecurity, the Council has raised the threshold for the authorisation of European corporate wallet providers. Member States have introduced an obligation for the Commission to adopt implementing acts clarifying the details of the documentation to be submitted by potential European corporate wallet providers. In the event of systemic non-compliance by European corporate wallet providers, the Council has also ensured greater involvement of the national supervisory authority;
- timelines: national supervisory authorities responsible for examining suppliers’ applications have been granted a longer deadline (up to 60 days instead of the 30 days initially proposed). Furthermore, all deadlines have been consolidated and streamlined in the proposal for greater clarity.
Now that the Council has reached a general approach, negotiations with the European Parliament under the ordinary legislative procedure can also begin as soon as the Parliament has adopted its position.
