The European Commission has announced plans for a new EU Business Wallet, a secure digital solution designed for companies to manage and share business credentials across the EU.
If the EUDI Wallet is the European Union’s answer to digital ID for individuals, the EU Business Wallet is its counterpart for organizations.
It will enable businesses to store digital credentials, licenses, certificates, and proof of registration — all in a secure, interoperable format recognized across borders.
This initiative is part of the Competitiveness Compass, and it’s being positioned as a major step forward in reducing administrative burden and boosting digital efficiency:
- Cut reporting requirements by 25% for all companies and 35% for SMEs (reducing admin burden).
- Save €37.5 billion in recurring costs to SMEs through the end of the current mandate.
- Improve cross-border efficiency with streamlined operations and regulatory compliance across all member states.
- Increase digital security for business transactions and simplify business credential management.
This marks the first continent-wide, government-backed business credential wallet initiative, and it builds on the same infrastructure and trust model as the EUDI Wallet.
Why this matters beyond compliance
At Dock Labs, we’re seeing rising interest in Organizational ID credentials for two specific use cases: Reusable KYB (Know-Your-Business) and Delegated Authority.
Today, KYB checks are essential but they’re also repetitive and time-consuming. Every time a business opens a bank account, registers with a service, or partners with a supplier, they must resubmit the same data: incorporation papers, shareholder details, licenses, and tax IDs.
It’s inefficient.
That’s why organizations are looking to turn a completed KYB check into a tamper-proof digital credential they can store in a wallet and instantly share with other service providers.
Meanwhile, delegated authority is becoming a growing challenge.
It’s not enough to confirm someone’s identity. They also need to prove what they’re authorized to do on behalf of a company: sign contracts, access systems, or make purchases. Without clear, verifiable proof, organizations are vulnerable to fraud, internal errors, and regulatory risk.
That’s where verifiable credentials come in, providing irrefutable proof of a person’s role, permissions, and organizational affiliation so you can trust every action they take.
A digital future for business identity
The EU Business Wallet represents a transformational opportunity to digitize and standardize business identity verification.
Verifiable credentials — tamper-proof, digitally signed proofs of identity and authority — can be issued to employees, contractors, or representatives and shared instantly, with cryptographic assurance.
Instead of requesting and reviewing paperwork over and over, service providers could simply accept a credential, instantly confirming a business’ identity and the roles of its representatives.
If implemented well, the EU Business Wallet could reduce costs, improve trust, and streamline operations for millions of European businesses.
More importantly, it could set a precedent for how organizational identity is managed globally.
