RoadmapforRealTimeEconomyandMyDataforEuropeDiscussionpaper

BoHaraldSeniorAdvisor

RealTimeEconomyProgram31.03.2018

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TableofContents1.Overview 32.RealTimeEconomyforEurope 42.1Background 42.2RTEDefinition 42.3RTEMission–theWhy 52.4RTEVision–theWhat 52.5RTEHow-strategicstepsinfirstlayer 62.5.1.e-Invoicing 72.5.2.e-Receipt 82.5.3RealTimePayments 92.5.4e-Procurement 102.5.5RealTimee-Salary 102.5.6e-Address 112.5.7e-Idande-Signing 112.5.8Digitaliseunlistedshares 12

2.6RTEHow–Nextlayerenabled 132.6.1.Automatedaccounting 132.6.2.RealTimeAssets 142.6.3.RealTimeIncomeRegister 142.6.4Automatedreporting 152.6.5Automatedfinanceandriskevaluationprocesses 152.6.6Comprehensiveassetreporting 162.6.7.Realtimeeconomyforecasting 172.6.8RealTimeTaxation 17

3.MyDataforEurope 183.1.MyDatabackground 183.2MyDatadefinitionandprinciples 183.3.MyDataforEurope 183.3.1Why–theMission 193.3.2.What–theVision 193.3.3How 19

4.Bottlenecks 215.Summary 23AnnexI 25AnnexII 30

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1.OverviewRealTimeEconomyforEuropeisavisionmaterializedthroughapplicationsusingthecollectionofinteractingecosystemsneededtodeliverdatabasednewservicesandincreaseproductivityinthefinancialadministrationarea.ProgressherewillspeedupthedevelopmentforadatadrivenandArtificialIntelligence(AI)supportedmuchwiderMyDataforEuropenamedphase.ThePaymentServiceDirective(PSD2)modelandGeneralDataProtectionRegulation(GDPR)nowprovidestrongincentivesforthisdevelopment.ThevisionfortheEUandnationalend-goalsaregainingvisibility,buttoomuchoftheactualworkbeingdoneiseitheronaveryhighlevelorhiddeninsilosthatdonotbenefitfromeachother’sinnovationsordonothaveopenstandardisedinterfaces.Toimprovethesituation,itisnecessarytogetaclearerandsharedvisionbothinMemberStatesandtheCommissionandbasedonthistodecidefordeterminedimplementationbysettinguplocalandcentralRTEandMyDatabodiessteeringthedevelopmentandfurtheringinterconnectionofbothexistingservicesandongoingprojectsandpilots.Ifthisisnotdone,nationalsolutionswillnotaimatservingEurope,standardsforinteroperabilitywillnotmaterialize,doubleworkwillbedoneandthebestideaswillnotflowfastenough.TheSingleMarketwillstagnateonlowerlevels.TheNordic-Balticareahasthecapabilitytoactasa“laboratory”forEUasmanyoftheneededinfrastructure,ecosystemsandservicesarealreadyinuse,severalprogramsforthenextphasesareupandrunningandthecountriesaresmallenoughtogetthemanyneededpublicandprivatesectorstakeholdersaroundthetables.Similarityinlegislationandattitudesalsomakecross-borderinterconnectionseasiertoachieve.ThiswhitepaperismostlybasedonexperienceinFinlandandtoalesserdegreediscussionswiththeEUcommissionandneighbouringcountries.Itisnottobeseenasafulldescriptionofthepresentdynamicallyevolvingsituationorthe“finaltruth”offuturedirections,butasadiscussionpaperwithquestionstobeansweredandproposalstobediscussedfurther.

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2.RealTimeEconomyforEurope

2.1Background

TheRealTimeEconomy(RTE)programwassetupinFinlandin2006byTietoPlcandAaltoUniversity.Itwaspartlypubliclyfundedandengagedalargenumberofbothpublicandprivatesectorentities.InthefirstphasethefocuswasondrivingPan-Europeane-invoicinginparallelwithSEPA.TheimportanceofthiswasbasedonestimatesbytheFinnishStateTreasury,theConfederationofFinnishIndustriesandtheAssociationofFinnishLocalandRegionalAuthoritiesthataddeduptoanannualdirectcostsavingof3.1bn€.Inrelativeterms,thiswouldexceed200bn€/yearinEU.Bothhigherandlowerestimateshavebeenmadelater.DirectandindirectproductivityaspectsoftheRTEatlargearediscussedfurtherinAnnexI.Thescopeoftheprogramwaslaterextendedtoautomatingrealtimedataaccessandprocessinginthefinancialadministrationareaatlarge.Examplesofthisaree-receipts,automatedaccounting,salaryadministrationandtaxreporting(AnnexII).TheRTEprogramwasfollowedbyTARUprogramin2013(ledbyTieto),theTaltioprogramin2015(ledbytheAssociationofFinnishAccountingFirms),andtheRTEcoprogram(ledbyTechnologyIndustriesinFinland)in2018.Updatedinformationcanberetrievedfromhttp://rte.fi/borderless/.

2.2RTEDefinition

TheRealTimeEconomyisanenvironmentwherefinancialandadministrativetransactionsconnectingcitizens,businessandpublicsectorentitiesare:

(i) instructuredstandardizeddigitalform(ii) increasinglygeneratedautomatically,and(iii) completedincreasinglyinrealtimewithoutstore-and-forwardprocesses.

Thedataconnected-andthepowerstouseit-aretreatedasprivateandcorporateMyDataandgovernedbyGDPRasapplicable.Dataismadeavailabletoauthorizedparties–increasinglydataoperators-throughstandardizedinterfaces.

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2.3RTEMission–theWhyThemissionoftheRealTimeEconomyprogramforEuropeisto-onasubstantialscale:

1. ImproveproductivitythroughdirectcostsavingsespeciallyinSMEsandthe

publicsector2. Makeindirectproductivityimprovementanddynamicimpactvisible3. Increaseutilizationandverificationofdatatoimproveespeciallycontext-

specificservices4. EnablenewlevelsofharmonizationintheEUSingleMarket5. CreateprocessesthatlowertheCO2emissions6. Promotetransparencyandcreatecost-efficientsolutionsagainsttax

evasionThemainissueforEuropeistoimproveproductivityandservicelevelsinordertobecompetitiveinaglobalmarket-infaceofitsshrinkingworkforce.Asresourcesandattentionareinshortsupplyitisnecessarytoprioritizeprojects.Forprioritizationitisimportanttoevaluatetheeconomicdirectandseparatelytheindirecteconomicandotherimpact.Tomakethenetimpacttransparent,itisnecessarytodividetheestimatesforneededinvestmentsandbenefitsseparatelyforenterprises,thepublicsectorandthehouseholds(thateventuallyreapmostofthebenefitsinformofbetterandlesscostlyservicesandlowertaxes).TheRTEcontributionforbetterproductivityandotherbenefitsisdescribedonahighlevel-inAnnexII.ItisobviousthatRTEecosystemsstandoutcomparedtootherinitiatives-notonlyforthedirectandindirecteconomicimpact-butalsobecauseinvestmentsneededaresmallandprogresscanbefast-ifthereisthepoliticalwill.

2.4RTEVision–theWhatDataneededforautomatedfinancialadministration,publicsectorreporting,financingandotherusercontextswillbeavailableinrealtimeinstandardizedformsfordataowners,theirauthorisedusersandthepublicsectorinharmonizedprocessesacrosstheSingleMarket.

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2.5RTEHow-strategicstepsinfirstlayerEvenifthemissionandthevisionaregettingclearer,thereisstillamonumentaltaskto:

1. GetthedetermineddecisionsinplacebothinMemberStatesandEU2. Communicatetheoverallvision,thegoalsandtheprogresswidely3. CreatetheneededEU-wideecosystems4. Buildtheinteractingservices5. Replacelegislationthatslowsdownprogresswithchangedrivingprogrammes

andregulationItisinevitablethatMemberStates(MS)willmakeprogresswithowntimetablesandthatmanysolutionswillinitiallybeMS-specific.ThetaskisrathertospeedupwhatisgoingonandtrytofeedinideasandpractisesfromotherMSsandfromallsectors–thantrytoforceallintoonemodel.Theconcreteprogresscanonlyhappenlocally–wheremostofthedirectbenefitsare-buttherearestillareaswheretheEuropeanCouncilandtheEuropeanParliamentshoulddecideforstricterharmonization.Themostimportanttaskistosupportandconnectdevelopmentworkandtheirpilotsintointensiveiteration–toimprovethecommonroadmap.AtpresenttheRTEmission,visionandtaskscanbedescribedonahighlevelinthispicture:

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2.5.1.e-InvoicingE-invoicingleadstoverylargedirectcostsavings-especiallyatthebuyer’send-asitenablesautomationofapprovalandpaymentprocesses.Costsavingsthroughsendinge-invoicesislower,butstillsignificant.Tothisshouldbeaddedthate-invoicebasedpaymentsarereceivedearlier(savingfinancingcosts)andcan–beingcost-efficientespeciallyforthereceiver-besentmorefrequentlyandthuscutcreditandforeignexchangerisksforthesender.Follow-onsavingsfromautomatedaccounting,VATandotherreportingarealsoverylarge.Thesealltakentogether–andverylargeindirectproductivityimprovementsoutlinedinAnnexIgivetheinvoicereceiverstherighttodemande-invoicesandforthepublicsectortomakeitmandatory.

Thestepsneededforfullmigrationtoe-Invoicingare:

1. Decidenationallyandmakecasemadeclearforallstakeholders2. Choosestandardthathasthedatafieldsneededforautomatedaccounting,

reportingandanalysis.EUsemanticstandardshouldbestartingpoint.3. Makesurethatserviceproviderscompetein4-cornermodel(signupwithone

serviceproviderandreach/bereachedbyallinvoicereceiversandsenders)witheasytouseandlowcost(paymentautomationsupporting)realtimealternativesalsoformicroenterprises.

4. Aimatsamesolutionforb2b,b2g,b2c,g2c,c2bandc2c.5. Makee-Invoicesmandatoryinpublicsector.6. Makee-invoicesmandatoryinb2b.7. Chargeforpaperinvoicesinb2candg2c.

Questions:

1. Whatholdsbackmandatorye-InvoicingforthepublicsectorinMemberStates?2. Whencanallorganisation-to-organisatione-Invoicingbemademandatory?

Whatholdsitback?3. Howsooncane-Invoicesbeforwardedinrealtime?4. WoulditbepossibletointegrateSEPAdirectdebitintoe-Invoicing?5. HowmuchwouldacommonEUorglobalformatstandardadd?6. Shouldinteroperabilityx-Europebeenhancedbyupgradingfrom4-corner-

modeltoashareddistributedinfrastructure?Seepicturebelow.

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7. ShouldtheNordic-BalticMSsactaslaboratoriesalsofordistributednetworksfore-invoicing?

2.5.2.e-Receipt

Migrationtostructurede-ReceiptwasatargetalreadyintheRTE/TARUphaseandgatheredmoreweightwhentheAssociationofFinnishAccountingFirmswasinchargeoftheRTE/Taltiophaseascorporatecardusagecreatemuchmanualworkinaccounting(AnnexI).

Thespecificationworkfora4-cornerbasedecosystemusingthesamestandard(Finvoice)asfore-InvoicinghasbeencompletedinFinland.

TheongoingRTEcoprogram’smainfocusisonactivatingmoreserviceprovidersandgettingmerchantsandenterprisessignedup.Receiptsforconsumerswillbeinthefocusinthenextphase.

Thestepsneededforfullmigrationtoe-Receiptsare:

1. Decidenationallyandmakecasecleartoallstakeholders2. Choosestandardthathasthedatafieldsneededforaccounting,reporting,

sustainabilityandanalysis.EUsemanticstandardshouldbestartingpoint.

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3. Agreeonmodelwherethebuyercanspecifythee-Addresstowhichreceipts(paymenttypeagnostic)shouldbesent–eliminatingtheneedtoenteranyinformationatthesalespoint.

4. Makesurethatserviceproviderscompetein4-cornermodel–signupwithoneserviceproviderandgetreceiptssenttoallbuyersortheirdesignatedaccountingservicesinrealtime.

5. Makemandatoryinpublicsector.6. Makemandatoryinb2b.7. Useofe-Receiptascommunicationseller-buyercommunicationchannel

(warranties,servicecalls,recallsetc.).Questions:

1. Whatholdsbackmandatorye-ReceiptforthepublicsectorinMemberStates?2. Whencanallorganisation-to-organisatione-Receiptbemademandatory?

Whatholdsitback?3. Thecardpaymente-Receiptcanbesenttothebuyerspecifiede-Address

(accountingforenterprisesandexpensestrackingapplicationforprivatecustomer).Howshouldcashandbankaccountpaymentreceiptsbehandledequally?

4. Whencanpilotingfore-ReceiptasSeller-Buyercommunicationstart?5. HowmuchwouldacommonEUorglobalformatstandardadd?6. Shouldinteroperabilityx-Europebeenhancedbyupgradingfrom4-corner-

modeltoashareddistributedinfrastructure?7. ShouldtheNordic-BalticMSsactaslaboratoriesalsofordistributednetworks

fore-receipt?

2.5.3RealTimePayments

TheEuropeanCentralBankandtheEuropeanPaymentsCouncilaredrivingPan-Europeaninstantpaymentsandthisshouldbeacentralpartofautomationandriskmitigationofcommercialandadministrativeprocesses.Person-to-personpaymentsinSweden(Swisch)andinFinland(SiirtoandMobilePay)arehandledinRealTimeacrossbanks.Thesecanalsobeusedforwebshopandin-storepaymentsandshouldalsoprovidestructuredstandardisede-Receipts.Instantpaymentsarecentralelementsforrealtimeaccounting,VAT-reportingandautomatedexpensefollow-up–butproductivityestimatesarenotathand.

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Questions:

1. Howhaseconomicimpactforenterprises,householdsandthepublicsectorbeenquantified?Whatistheoverallimpactonproductivity?

2. Whenandhowcane-Receiptsbewidelyincludedine-commerceandin-storepayments?

2.5.4e-Procurement

e-Procurementisrecognisedasoneofthekeydriverstowardstheimplementationoftheonce-onlyprincipleinpublicadministration.

ServiceprovidersshouldcreatesimpletoolsfortheSME-sectorforrespondingtoRFPs,makingoffersandreceivingorders.Thesametoolsshouldbeusedbothinthepublicandprivatesector.BenefitsincludeimprovedcompetitivenessforSMEs,betterproductivity,contributiontoautomationofcashflowforecastsandbetterfinancing.

Questions:

1. HowsooncanaSME-toolpilotingstart?2. Canthee-Invoicingmessagingecosystemande-Addressesbeused?3. Whichlarge-corporatesectorsstandtobenefitmostfrommoreefficientSME-

subsuppliersandwidelyusedprocurementsolutions?

2.5.5RealTimee-Salary

e-SalaryservicesweredevelopedinFinlandinthe90s.Thesolutionlinksthesalarystatementstothesalarypaymentintheemployeesbankaccount.

Thenextstepsincludeautomationofreportingandpaymentstotax,pensionandinsurancesystems.

Questions:

1. Howsoonwillpensionpaymentsbeincluded?2. Whatistheinterestfore-SalaryinotherMemberStates?

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3. HowshouldMyEarningsDataandpensioninformationbedevelopedfurther?

2.5.6e-Addresse-Addressesareacentralelementinthee-Invoicingecosystemwheretheyroutetheinvoicetoapprovalandpaymentautomation.Fore-receiptse-Addressesareneededtoroutethereceipttoaccountingforenterprisesortoexpensefollow-upforprivateusers.Ase-Invoicesande-Receiptsneedtobetraceableintransactionlogs,allmessagessentinthisecosystemtoe-Addressescouldbetreatedasrecommendede-letters.Questions:

1. Shouldtherebeonee-Addressecosystemforalldocuments?2. Shouldthesystembecentralizedordecentralized?3. Howmuchcanbegainedbyusinge-Invoicing/e-Receiptecosystemande-

Addressesforalldocumentsandrecommendede-Letters.4. ShouldtheNordic-BalticMSsactaslaboratoriesalsofordistributednetworks

fore-Address?

2.5.7e-Idande-Signing

E-idserviceswereintroducedbybanksinthe90sinFinland.Anti-moneylaunderinglegislationforcesbankstostrictlycontrolaccountopeningandthiswasseenasastrongbase.Bankandothere-IDserviceswaslatersupportedinadditionallegislation.Theservicebecameverypopularasbanksaretrustedandcanofferfrequentlyusedandthusfamiliartools.In2017thenumberofid-transactionsisestimatedtohaveexceeded100million.Thepublicsectorisamajorcustomer.AlsootherNordiccountrieshaveusedbanksforthis.Banke-IDcodesandtoolsarewidelyusedforsigningloanagreementsandalsoforsigningdocumentsbetweenthirdparties,butthesevolumesarestillratherlow.

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Latelyalsoteleoperatorshavestartedtooffere-idservices.Thestateissuedcardisnotusedmuch.Estoniahassuccessfullyimplementedane-IDcardsystem.e-IDisnowgettingintonewfocusasthedatadriveneconomyandlegislationunderlinestheneedfortrustinverification,dataownershipandempowerment.Internetwasnotbuildwithtrustedinteractionsinmind-sonewsolutionsareneeded-toverifydata,itsownershipandtherighttouseit–allinrealtime.

Questions:

1. Whatupgradesshouldbemadetotheservices?2. HowmuchandhowsoonwilldecentralisedglobalidentitynetworkslikeSovrin

https://sovrin.org]changethesituation?3. Whataretheobstaclesformakinge-Signingofdocumentsadefault?4. WhatremainstobedoneineIDAS?

2.5.8Digitaliseunlistedshares

Stockexchangelistedshares,mosttradedbondsandasmallpartofunlistedsharesaredigitallystoredincentralsecuritydepositorysystems(CSD).Thismakesthedatagoldensource(verifiedownership)andenablespaymentagainstdeliveryandpledging.Ifallshareswouldberegisteredsimilarly,ownershipchangeswouldbeeasier,transparency(beneficialownership,anti-moneylaundering)improvedandaccountingandfinancingautomationenhanced.Thegrowthofstart-upcompaniesandthetrendalsootherwisetohaveemployeesasshareholdersalsocallforautomatedwaystoreportownershipandmaketransactionseasier.

Questions:

1. CanCSDsbeusedforallunlistedshares?2. Howsooncandistributedledgertechnologybeintroducedandproducethe

samegoldensourcelevelasCSDsdotoday?3. Whencandigitalisationandregisteringbemademandatory?

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2.6RTEHow–Nextlayerenabled

The“firstlayer”ecosystems(describedunder2.5)createecosystemstoimproveservices,savecosts,furtherssustainability,transparencyandSingleMarketdevelopmentonagrandscaleontheirown.Progressinonesystemoftenenablesprogressinother.Buttheyareaboveall“staircases”tothenextlayerofservicesdescribedbelow.

2.6.1.Automatedaccounting

TheRTE-programsetautomatedrealtimeaccountingasagoalatanearlystage.Atthefirststageaunifiedreportingcode–neededmainlyforpublicsectorreporting-wasdesigned.InthenextphasethefocuswasmovedtoTALTIO-theFinnishimplementationoftheExtendedBusinessReportingLanguage(XBRL)GlobalLedger(openstandardfortransactionalreporting,providingagenericandsystem-independentwaytorecordallofthedetails-inanykindofledger)PSD2wasthefirstlargescalemovetomakedataavailableinstandardizedwaystousersinEU.StartingfromMyDataintransactionaccountscouldalsobeseenasafollow-onstepfromSEPA.

ThisthinkingalsoinspiredtheRTE-programtoaimatthesamemodelfordataneededforaccountingandreporting.TheTALTIOphasecreatedamodelandproofofconceptforrepositoriesfordataneededforapplicationsforprofitandloss(P/L)andBalanceSheetstatementswhereaccountingdataisstoredinXBRLformatandwithstandardisedinterfaces.Furtherworkhasbeendoneinthepublic-sectorsteeredNordicSmartGovernmentinitiative.Stepstofullyachieveautomationinclude:

1.Migrationtostructurede-Invoicing2.Migrationtostructurede-Receipts3.ISO20022accountstatements4.RealTimePayments5.Digitalisationofownershipdata6.Standardsforandopenaccesstoaccountingdata

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Questions:

1.WhenwillEUmandateXBRL?2.WillEstoniajointhenextphaseofNordicSmartgovernment?3.Howsoonwillaccountingcompaniesbereadytousestandarddatamodelsfor

customer’sMyData–enablingaccessforthecustomer’schoiceofapplication?4.Cantheapplicationsforautomatedmicro-enterpriseaccountingbereusedfor

privateexpensefollow-up?

2.6.2.RealTimeAssetsAwidestpossibleandrealtimeaccesstoverifiableassetdataisneededfortransparencyingeneralandefficiencyinownershipchanges,accounting,wealthmanagement,financingandtaxation.Digitalizationofallsharesandrealestateownershipcanbeseenasfirststeps.ItisalsoevidentthatInternetofThings(IoT)andotherdevelopmentwillleadtoe-Labellingofbothphysicalandotherwideassetclassesfurtheringautomationofinventorymanagementandthroughthisaccountingandprocurementprocessesatlarge.RealTimeliabilitieswillbeavailablefromrealtimeaccountingandpositivedebtregisters.

Questions:

1. Howsoonwilllandregisterandhousingestateinformationbeavailableas

MyData?2. Willfactoringcompaniesdrivetheinclusionofe-Labelling?

2.6.3.RealTimeIncomeRegisterThenationalincomeregisterwasshortlistedintheRealTimeEconomyprogram.ThetargetinthenowongoingTaxdrivenprojectisthatallsalary(lateralsopension)paymentsautomaticallywillbereportedtoacentralregister–servingrealtimetaxationratesandsocialsecurityevaluation.

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TheMyDatacreatedhereshouldbemadeavailablealsowhenapplyingforloans.ThecostsavingpotentialfortheentirerenovationofsalaryadministrationinFinlandhasbeenconsideredtobesubstantial(AnnexI).Questions:

1. HowwideistheinterestforrealtimeincomeregistersinotherMSs?2. Howcanthisbecombinedwithpositivecreditregisters?

2.6.4AutomatedreportingVATreportingistoalargedegreeamanualprocessthatcauseshighcostsbothinenterprisesandaccountingfirms(ExhibitI).Withautomateddataextractionfrome-Invoices,e-Receiptsandautomatedaccountingthisshouldbeautomatedassoonaspossible.Otherbenefitsincludemorecost-efficientandefficientanti-greyeconomymeasuresandopportunitytocollectline-specificpurchasebigdataforeconomicforecasting.

2.6.5AutomatedfinanceandriskevaluationprocessesFinancialdataisneededforloanapplicationsandwhenitisinstructuredform,verifiedandrealtimeupdateditsinformationvalueandautomationeffectisverylarge.Furthercostandtimesavingwillbegainedbywideruseofe-signingofloanagreementsandpledges.Creditlosseswillbelowerandthiswillalsoleadtolowerriskmarginsandovertimetolowercapitalrequirementsinbanks.Thisdevelopmentwillalsofurtheropenupthefinancingmarkettonewentrantsandcrowdfunding.Automatedriskevaluationconnectedtoaccountingandownershipverifieddatacanrecommendtherighttypemixoffinancialinstruments–beneficialforboththeenterpriseandinvestors.

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Financialcovenantmonitoringcanbeconnectedtorealtimeaccounting,ownershipchangesandeventuallyeveninventories.Thislowersfurtherbothrisksandadministrativecostsforbothsides.Dynamicpricingwouldbeafurtherlogicalstep.FinancingincreasinglyneedpublicorprivateclassificationinformationandadherencetoCorporateSocialResponsibility.DataserviceproviderscouldbeempoweredaccesstheseMyDatasourcesonbehalfoftheapplicant.Thenextlevelwillbeinclusionofnon-financialdata–forexamplecustomers’rankingofloanapplicant’sservicelevels.

Stepstofullyachieveautomationinclude:1.Automatedrealtimeaccounting2.Automatedrealtimeownershipdata(sharesandrealestate)3.Automatedrealtimecashflowestimates(connectedtoe-Procurement)4.Standardisedaccesstoawiderangeofrisk-relevantorregulationrequireddata5.Automatedrealtimenationalincomeregisters6.e-Signingofloanandpledgeagreements

Question:

1.Theproductivityimprovementsachievedbyautomation,expandedfinancingandsmallercreditlossesareobviouslyverylarge.Howlarge?

2.6.6Comprehensiveassetreporting

Presentwealthreportingiscoveringonlyasmallpartofassetsasitincludesmostlyonlylistedshares,bonds,bankmanagedfundsandaccountbalances–inthebankinquestion.Thebiggestassetclasses–homesandrealestatearenotincluded.Thegrowingownershipinunlistedsharesbothgenerallyandinstart-upsespeciallyobviouslyalsocallsforaction.

Questions:

1. Howsoonwilllandregisterandhousingestateinformationbeavailableas

MyData?

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2. ArewealthmanagementactorstoletcustomersMyDatathroughstandardisedinterfacestocreditapplicationsandcompetitors?

2.6.7.RealtimeeconomyforecastingIthasbeenenvisagedthatrealtimeVAT-reportingwithlinespecificdatacouldbeusedfore-Forecastingoflocal,nationalandEU-economies.ThiswouldmeanthatEAN-codespecificlinedatafrome-Invoicesandespeciallye-receiptscouldbecombinedtogivearealtimepictureofpurchasesandcomparethistopreviousdayandlongerperiods.Theinformationwouldbeavailableperitemanditscost,pertypeofseller,pernationalregion,percountry,perEU,pertypeofbuyerandhowthiscorrelatestoexternalfactorslikesalarydevelopment,economynews,changesintax,stockexchangedevelopment,interestrates,sentimentnews,productpublicityandadvertising–eventheweather.Knowingwheretheeconomy–andtaxrevenue-isgoinginrealtimecouldbeasideeffectofrealtimeVAT-reporting.Ofcoursethisshouldandcanbedoneinsuchawaythatitdoesnothurtprivatecorporatedata.

Comparedtotraditionalquestionnairesthiswouldbemorethanasentimentoropinionascitizensare“votingwiththeirwallets”.

2.6.8RealTimeTaxationThenationalincomeregisterproject(https://www.vero.fi/en/incomes-register/)wasasastartingpointaimingprimarilyatcuttingtheadministrativeburdeninenterprises,accountingfirmsandthepublicsector.Butitwillalsoleadtoanopportunitytoautomaticallyadjusttaxratestoautomaticallyreportedpaymentspecificpayments.Thiswilllargelyeliminatethesurprisesdeliveredbybacktaxesandimprovecashmanagementforcitizensandalsoincreaserevenuepredictabilitybothonstateandmunicipalitylevels.

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Aseamlessinteractionbetweensalaryadministrationsystems,taxauthoritiesandpensionsystemsisneeded.

3.MyDataforEurope

3.1.MyDatabackgroundThefirstMyDataConferencewasheldinHelsinkiin2016.Asaresult,theMyDataGlobalNetworkwaslaunchedinMarch2017.Therearenow65foundingmembersinthisnetworkactingasambassadorsfortheMyDatamovementaroundtheworld.ItiscurrentlyadministratedbyOpenKnowledgeFinlandandAaltoUniversity.ThenextconferencewillbeorganizedinHelsinkiinAugust2018,moreinfocanberetrievedfromhttps://mydata2018.org.

3.2MyDatadefinitionandprinciples

MyDataisahumancentredapproachinpersonaldatamanagementthatcombinesindustryneedtodatawithdigitalhumanrights.MyDataisbothanalternativevisionandguidingtechnicalprinciplesforhowwe,asindividuals,canhavemorecontroloverthedatatrailsweleavebehindusinoureverydayactions.

MyDataprinciples:http://julkaisut.valtioneuvosto.fi/bitstream/handle/10024/78439/MyData-nordic-model.pdf?sequence=1&isAllowed=y.

3.3.MyDataforEuropeGDPRisgivingstrongsupporttotheMyDataservicesdevelopmentapproachandisthusonecornerstonefortheSingleMarketdata-driveneconomy.OthercornerstonesincludeAI-drivenservicedesign,PSD2modelforalldataavailabilityandBlockChainbasedsolutions.TheRTEecosystemsproducebothcentralMyDataelementsinstructuredformandtoolsneededandcanthussubstantiallyaddspeedanddepthtoservicedevelopmentinallsectors–andthemselvesbenefitfromthegrowingusage.

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In2017,itbecameclearthatconnectingongoingRTEecosystemdevelopmentwiththeMyDataapproachandBlockChaintechnologyistherightwayforward.

3.3.1Why–theMission

ThemissionfortheMyDatafortheenvisagedEuropeprogramistoonasubstantialscale:

1. ImprovetheEUcitizen’scontrolofher/hisdata2. Createsolutionswherethecitizencanempowerserviceprovidersto–x-

Europe-collectanddeliverdataneededindifferentcontexts3. Increaseproductivityinenterprisesandthepublicsector4. EnablenewlevelsofharmonizationintheEUSingleMarket5. CreateprocessesthatlowertheCO2emissions

Inshort:toradicallyimprovedata-drivenservicesandcompetivenessintheSingleEuropeanmarketandprotectdigitalhumanrights.

3.3.2.What–theVision

MyDataforEuropehasenabledasingleEuropeandata-drivenservicemarketbycreatingmodelsleadingtopracticalinteroperablesolutionsforhowEU-citizens,enterprisesandtheirauthorisedserviceproviderscangather,verifyandprotectprivacyfordataneededinwiderangeofcontexts.

3.3.3How

3.3.3.1.Makethepathclear

Forquitesometimeithasbeenclearthatdataisthe“newoil”andtrustthe“newcurrency”intheeconomy.TheopportunitiestoimproveserviceandproductivitybythisandnewlevelsofAIareimmense.Buthowthenextphaseshouldplayoutconcretelyandhowsoonhastomanybeenshroudedinmystery–muchbecausetheBlockChaintechnologyneededisdifficulttocomprehendandastherestillareopenbothethical,legalandtechnicalquestions.WellillustratedineducativethisUSCongressionalhearing:https://www.youtube.com/watch?v=VptsprY6qPI&feature=youtu.be.

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AclearpathtohowMyDatawilldeliverbettereverydayservicesishoweveremerging.TheWhyisclear.Asinformationandtechnologyoverflowhasshortenedattentionspan-agoodservicemustaddressthecustomer’scontextsinacomprehensive,automatedandanticipatingways.Asservicesexperienceisobtainedfromthegloballybest,customerswillexpectthesamealsofromthelocal–andiftheydonotdeliver-reactionsaretobeexpectedfromthegrowingimpatientpartoftheaudience.Earlierattemptstosolvethiswereoftentitledpersonalisationbutweretypicallylimitedtoinformationthatcouldbegatheredinsideorganisationsandasthisdidnotaddresstheneedsfullyandtechnologywasnotavailabletoreachoutsidedatasilosprogresswaslimited.BlockChain,opensourceHyperledgerIndyandSovrinnowholdstrongpromisethatx-organisationandborderlessaccesscanmaterialize.

Asimpledescription:

1. TheEUcitizen-(inprivateofemployeerole)isheadingforacontext-nextlife

event(newjob,buyproperty,applyforfinancing,gotothedoctor,invest,establishenterprise,enternewmarketetc.)

2. Achosendata-serviceprovider(DSP)haspredesignedthe“databasket”neededforthis.AIwilldynamicallyaddanddeleteelementsto/fromthebasket.StructuredRTEdataisoftenincluded.

3. ThecitizenempowerstheDSPwithe-IDtooltoapproachrelevantdatastorages(inpublicandprivatesectors)withthecitizen’srequest(“canopener”).Verifieddataiscentral,butalsoself-claimsandothersofterdatacanbecollected.

4. Thedatabasketforaddressingtheneedsinthelifeeventisdelivered.Itcanalsoincludeverifiedinformationonacitizen’spowertoactonbehalfofothers(parents,children,employer,enterprises,organisationsetc.).

5. Thedatareceiverdeliverswhatisneeded–better,fasterandatmuchlowercost(https://www.finextra.com/blogposting/15088/mydata-driven-service-development---what-is-it-and-what-does-it-mean).

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3.3.3.2.NationalandEUdecisionsNationaldetermineddecisionshouldbemadeto:

1. PromotetheMyDataapproachforservicedevelopment2. ConnectongoingRealTimeEcosystemprogramswithMyDataefforts3. Supportpublic-privatepilotingonalargescale4. Connecttodataneededfromothercountries5. Establishanationalco-ordinatingbody6. DriveestablishmentofanEU-levelMyDatasteeringgroup

3.3.3.3.Piloting

InparallelwitheffortstomakeMyDatathearchitecturalkeytoEUdata-drivenservicesitisofutmostimportancetostartasmanyaspossiblepilotprojectsandexchangebothtechnicalanduserexperienceopenly.Examplesofongoingpilotdiscussionsincludedatabasketsneededforjobapplications,propertytransactions,healthservices,wealthmanagementandfinancing.

4.Bottlenecks

MigrationtoautomatedprocessesandMyDatadrivenservicescanalsohaveanegativeimpact–atleastintheshortterm.Theneedformanytypesofmanualroutineworkwillfirstdisappearandwithgrowthinmachinelearningalsomoreskill-demandingjobswillbeeliminated.Itisthereforeimportanttoeducatecitizens,sothattheyunderstandtheinevitabilityofthedevelopmentandthatnewjobopportunitieswillarise.Muchmorejobswillbelost-andfewernewonescreatedifacountryorEuropeatlargedonotmovefastintoamoreproductivedigitalenvironment.ThisunderlinestheneedtogetcitizenstounderstandthatthenewerademandsanactiveapproachtolifelonglearningandtoestablishamodelwhereschoolsandworkplacesinteractcloselyanduseAI-solutionstoguidelearningonanindividuallevel.

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AsEskoKilpihassaidoldtaskswilldisappearandnewworkwillbecreated.Butitwillnotbecalledwork–but“learningtogether”andthistypeofteamworkalsomeansarenaissanceofhumanness.https://www.sitra.fi/julkaisut/perspectives-new-work/

AnotheraspectthatstillmayinstallfearisthefactthattherestillarepeoplewhoarenotabletousethesmartphonesorothertoolsneededtobereachedbyandapproveMyData-basedpropositions.Eveniftheneedtoenterdatawillbelargelyeliminateditmaystillbenecessarytoprovidehumanguidanceviacallcentresandoutletsforthissector.Itishoweverclearthatallenterpriseshavetouseonlydigitaladministrativeprocessesinthenearfuture.Muchfearedaspectsarealsoweakdatasecurity,privacyandgeneralvulnerabilityofasocietywhereallprocessesaredigital.ThepositiveaspectswiththeMyDataapproachandBlockChainarethatdatahereisstoredindistributedledgersinsteadofsingleonesandthatthewholeconceptisbuilttoenhancetrust,givecitizenscontrolovertheirdataandincreaseverificationofbothdataandusers.Thisalsoaddressesforitspartbothstandardisation,dataquality,one-timeinsertionofdata(TOOP)andtechnicaldataexchangeissues–butmoreattentionisneededforstricteradherencetorulebooks.Legislationshouldnotbeallowedtoslowdownprogress.AcommonEUmaponwhatremainstobedonewithproactiveregulationwouldbeusefulbothformemberstatesandtheSingleMarket.Whileitisrelativelyeasytospreadideasacrossborders,itisnotself-evidentthattimetablesandimplementationsaresimilarorthatprojectsbecomejoint.MSshavedifferentattitudes,legislation,startingpoints,standardsandlegacysolutionsalreadyinplace.Homemarketneedsandtransactionvolumes–andthusthebusinesscase–areonadifferentscalecomparedtox-borderneeds.Yesterday’sbesttechnologymaybeclosetoredundanttoday.Thismeansthattheroadmapmustbelocal(withasmuchaspossibleEU-ingredients)andcommunicatedclearly(assuch–notblamingEUforsolutionsthatMShaveagreedon)toallenterprisesandcitizens.Stillitisevidentthatthespacefordoingtogetherwithothermemberstates(Nordic-Balticlaboratory)isgrowingasstandards,legislation,fundingandattitudesconverge.

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Inallhonestyitshouldalsobesaidthatnobodyknowsexactlyhowandwhentheelementswillfallinplace.Buttoprotectandcreatemoresustainableprosperityitisnecessaryformuchlargergroupsofcitizenstojointhediscoveryjourney.AsYuvalNoahHarariwritesinhisHomoDeus;thespeedisincreasing,nobodyreallyknowswhereweareheadingandnobodyknowswherethebreakpedalis.Somemayofcourseresorttodystopiahere–butthatisnothingnew.

Willsmallenterpriseshaveanychanceofcompetingwithlargeronesinthisnewenvironment-isanotherquestionasked.HereitislogicaltothinkthatRealTimeEconomyecosystemservicesgreatlyimprovetheircompetitiveposition.MyDatadatacombinedwithamultitudeofdataservicesprovidersusingAIactuallyalsoenhancestheirserviceofferings-withoutaneedtoemployspecialistsorinvestinIT-systems.Inmitigatingunduefear,itisveryessentialthatpoliticalpartiescompeteindescribingthepositivefactorsandactionstomitigate–insteadoftherisks.

5.SummaryThishasbeenawidesweep-intendedtodemonstratehowinterrelateddifferentecosystemscanandshouldbeinthedata-driveneconomy.ThestartingpointwastheRealTimeEconomyprogram-aiminginthefirstphasesquarelyatprivateandpublicsectorcostsavingsinlargevolumetransactions-andthenmovingtocostsavinginaccountingandpayrolladministration.Inspiredbytheopendatamovement,seeingthePSD2modelinawidercontextandGDPRasanecessaryandsupportiveregulation,itwasnaturaltoconnecttotheMyDatawork.IntheBorderlessReal-TimeEconomyRoundTablemeetinginTallinn(February1-2,2018thegoalwastoshareNordic-Balticprojectoutcomesandfindsimilarinterestsgoingforward.Recommendationsfromthemeetingincluded:1. Nordic-BalticgovernmentsandEUshouldbecommittedtocreatingaReal

TimeEconomy.Sharedvisionsandinvestmentsininfrastructure2. Commonstandardsshouldbeastartingpoint3. Commonobjectives–andpracticalpilotcases(LaboratoryforEU)–cross-

bordertaskforcesneeded(possiblywithinthePACINNOproject)

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4. Suitablecandidatesforjointefforts:e-Receipt,e-Accounting–usingTieto-createdPOC-toolandjoiningnextphaseofNordicSmartGovernment(NSG)

5. Makee-Invoicingmandatory6. ExploreroadmapandpilotsforRTEaspartofMyData7. Informationiscentral(alsotranslationtogetthewiderlocalunderstandingand

support).Sharedwebpageneededforx-borderinformation:http://rte.fi/borderless/.

Centralquestionstobeaskednextinclude:

1. Itiswidelyunderstoodthattheabovedescribedthinkingandrealtime,

automated,MyData-drivenecosystemswillmaterializeinthefuture.Howcouldithappenfaster?

2. Itisobviousthatstandardizationandrulebookscannotalways–inaquarterlyeconomy-bedeliveredbythemarket.Whatkindofsteeringandfinancingareneededtogetthissolved?

3. ThetechnologybehindtheMyDataphaseorRTEstandardizationworkarenoteasytounderstandfornon-experts.ThelogicofMyDataservicesishoweverratherplaintosee.Couldthispartbesimplifiedfurtherandwidelycommunicated?

4. EuropewillinevitablyprogresswithdifferentspeedsassomeMemberStatesneedtoandcanmoveforwardfaster.Thiswillleadtobothnationalandtemporarysolutions.Someofthesearefriends–otherfoes.WillEUestablishthesteeringgroup/observatorythatcanidentifybestpractisesfromnationalpilotsandsolutionsandalsounderstandthatonoccasionsthebestistheenemyofthegood.

5. Ithasbeenseenthatvestedinterestsmayslowdownprogress.EvenifOpenBankingandotherinitiativesareshowingtheway,itisstillpossiblethatunduedelaysandexpenseswillbecaused.IsEUequallypreparedtohandlethesegroundrulesasithasbeenwithSEPA,PSD2andGDPR?

Additions,corrections,answers,commentsandadditionalquestionscanimprovethisdiscussiondocumentinmanywaysandinthebestcasemakeitadynamicallyupdatableroadmaptotheRealTimeMyDatadrivenEuropeanSingleMarket.

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AnnexIInordertoprioritizeRTE-projectsitisimportanttogetatleastroughestimates(bestcase/worstcase)bothforthebuildingblocks.Butitisevenmoreimportanttogetanunderstandingforhowservicesinoneecosystemenableprogressinthenextlayer:

1. thedirectcostsandbenefitsoftheindividualecosystemsandservicesformingthebuildingblocks–forenterprises,householdsandthepublicsectorandhowtheseaddup

2. thedirectbenefitsthebuildingblockshaveonotherRTEecosystemsandservices–andhowthistranslatestobenefitsforenterprises,householdsandthepublicsector

3. howsoonnetbenefitscanbegained(fastandeasyfirst)4. theindirectbenefitsforsocietyatlarge(societalatlarge,learning,mobilityin

workforce,SingleMarket,environmental,preventingfraud,ruleoflaw,taxbase.)

Manyproject-specificroughestimateshavebeenmadebytrustworthyexperts,butasmallernumberhasbeenofficiallydocumented.Resultsvary–buttheusualreactionhasbeen“bigenough–let’sgetgoing.ImpactstudiesforthefullRTEarenotathand.I. RTEimpactfortheEUCitizenCitizenspay–oftenthroughmanysteps–eventuallyallthecostsofenterprisesandthepublicsector.TheverylargesavingsthatcanbeachievedwithecosystemsbasedRTEservicescaninacompetitivemarketquicklymaterializeaslowerpricesandaslowertaxpressure.Impactanalysisshouldalsoaimatmeasuringtheeconomicimpactofdigitalizationbysettinganhourlycostfortimespentonadministrativeworkandcostforrelatedtravellingtoservicesinhouseholds.TheGermanFederalNormenkontrollRathassettheaveragehourlyrateto25€forcitizensinordertohaveabasisforcomparingcompliancecostsofthecitizens.

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https://www.normenkontrollrat.bund.de/Webs/NKR/Content/EN/Publikationen/2016_annual_report.pdf?__blob=publicationFile&v=2.Thislogicshouldnotbeappliedonlytocompliance–buttoalleconomyrelatedservicesinRTE(andlaterthefullMyData)drivensolutions.Thetime(andstress)savedforcitizenswouldamounttoverylargesums.Connectingautomatedrealtimetransactions(payments,e-invoicing,e-receipts,e-salary,securities,e-id,e-signatures,etc.)torealtimedatabasesforliquidity,assetsandliabilities,spendinganalyses,taxationetc.)willenabledirectandindirectbenefitsonaverylarge–butsofarunquantifiedscale:

1. Betterandsimplermanagementofpersonaleconomybasedonrealtime

viewoffinancialpositionandspendinganalysis2. Lowerfinancialriskwithautomatedcashflowestimatesandbetter

predictabilitythroughrealtimetaxation3. Lessadministrativework(timespent)4. Smallerinformationoverflow(stress)5. Lowerservicecosts(duetoautomation)6. Lowertaxburden(duetoautomation)7. Faster(dataavailableinrealtime)andcheaperfinancing(duetoautomation

–andlowercreditrisks)8. Bettercorporateandpublicsectorservicebasedonautomateddatadriven

propositions(furthergainsinfullMyDatadrivenphase)9. Lowerfraudrisks(fakeinvoiceseliminated,MyDataprotectedand

controllable)10. Lowertaxfraud(lowertaxburdenduetowidertaxbase)11. Betterservicesfromopencompetition(4cornermodels,PSD2andMyData

drivers)andwiderappdevelopment12.Betterjobs(moreinterestingandbetterpaidasroutineworkisreplacedwithmorevalueandproductivitycreatingtasks12. Economyofrepetition–learnonce–useeverywhere-whenthefamiliar

toolsarethesameinprivate,employeeandcitizenrolesacrossallpublicandprivateservices

II. RTEimpactforEUenterprises(appliesalsotopublicsectorentities)Largeenterpriseshavedigitalisedsubstantialpartsoftheirfinancialandadministrativeprocesses–butthepotentialinthemuchwiderSMEsector(99%of

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allenterprises,67%ofemploymentand53%ofgrossvalueadded)ismostlyuntapped.TheRTEmissionistoradicallyimprovethecompetivenessespeciallyofthissector.

1. Lowerdirectcostsoftransactionsandadministrativeburdenatlarge.1.1. E-InvoicingThestartingpointinFinlandwasprovidedbytheFinnishStateTreasury,whenitestimatedthatanincomingpaperinvoicecauseda30€toprocesstopayment,whileastructurede-Invoicecostwas11€andafullyautomatede-Invoice(postedtoaccounting)wouldcost1€.Thecostsavingpotentialforthestatesectorwasestimatedto150m€/year.Themunicipalsectoralsoarrivedat150m€andtheConfederationofFinnishIndustriesforenterprisespartto2,8bn€(applyingthefirststage19€saving).Translatingthistotal(incomingb2bandb2g)toEUlevel(Finland’sGDP1,4%ofEU)wouldarriveat220bn€.Billentishasarrivedatlowersavingsfiguresforincominginvoices(11,20€),whilethecostsavingbysendinge-invoices(notincludedintheFinnishestimates)iscalculatedto6,60€http://www.billentis.com/e-invoicing-businesscase.pdf.DeutscheBankResearchprojectedinareportdatedMay3,2010thattheremainingpotentialforEuropewouldbe260€-2%ofEUGDP.1.2. E-receiptTheRTE-TaltioprojectandtheAssociationofFinnishAccountingfirmsestimatedacost-savingof6€/receiptaddingupto800m€/year–57bn€/yearonEU-level.1.3. RealTimePaymentsCostsavingestimatesnotathand–butclearthattheautomationandfinalityaspectssaveconsiderablycosts.1.4. e-ProcurementStudiesarepointingto62%reductioninrequisition-to-orderprocessingcosts.http://www.industryweek.com/companies-amp-executives/e-procurement-provides-significant-cost-savings:EUhasestimatedthePeppolprojectsavingstobe50bn€/year.1.5. e-SalaryThecostsavingsarisefromlowercostfordistributingpaperstatementsandfromlowersupportcosts.Ontheotherhand,implementationturnedouttobelowcostintheFinnishcase.

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1.6. e-Address.Centralisedordistributed.Costsavingsfromnotjointinvestmentandmanagement.1.7. e-IDande-signing.SignificantcostsavingsasstrongIDcanbeusedinallservicesandoneecosystemcanserveallparties(bankIDorcardbased).Significantbenefitwhenthesamefamiliarandtrustedtoolsareusedbothinprivateandemployeeroles.1.8. Digitaliseunlistedshares.Directcostbenefitsnotathand.Unofficialcostsavingestimatesarisingfromhigherefficiencyforhousingcompanysharesandmortgagelendingexceeded100m€ayearinFinland.1.9. Automatedaccounting.UnofficialCostsavingestimatesbuildingone-invoicingexceeded150m€/year.EUequivalent11bn€.1.10. RealTimeAssets.Costefficientsupportofaccounting,creditprocessesandwealthmanagement.1.11. Realtimeincomeregister.Partofoverallrenovationofsalaryadministrationarea.Unofficialcostsavingestimateexceeds200m€/year.EU-equivalent14bn€.1.12. Automatedreporting.UnofficialcostsavingestimateforVATreportingexceeds350m€/year.EU-equivalent29bn.1.13. Automatedfinanceandriskevaluation.Theseprocessesaredependentondatafromaccounting,incomeandownershipregisters.Considerablesavingspotential.1.14. Comprehensiveassetreporting.Costsavingsinbanksandassetmanagementservices.

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2. Inadditiontobenefitsfromdirectcostsavingotherindirectproductivityimprovementscanbeofanevenbiggermagnitudeformanyenterprisesandsociety.

2.1.Realtimeinformationonfinancialsandautomatedforecastsenablesefficientcashmanagementandoptimisationoffinancing.

2.2Improvedandservicetocustomersandsuppliers(savingalsotheircosts)2.3.Lowercreditrisk(costefficiente-Invoicesallowmorefrequentinvoicingandpaymentsarefaster).Loweroutstandingreceivablesalsolowercurrencyandliquidityrisks.2.4.Lowerfraudriskandpreventioncosts.(e-Invoicescanonlybereceivedfromtrustedoperators).2.5.Speedupandloweradministrativeandriskcostsinfinancing(the

borrowerpayallcosts).2.6.Freeupstafffromadministrationtoproductivework(verycentral)2.7.Enabledigitalgovernanceandefficientownershipchanges2.8.OpenupopportunitiesforRTE-start-ups2.9.Cutgreyeconomy(unfaircompetition)2.10.CutCO2emissions(cost-efficiently)III.RTEimpactforMemberStatesandEUEconomy(inadditiontodirectandindirectcostsavingsabove)

1. Morecompetitiveandmoreenterprises>widertaxbase,moreproductivejobs

2.SignificantboostfortheSingleMarket3.Betterservedcitizensandenterprises–alsox-border4.Lowercosts>lowertaxburden>betterpurchasingpowerandcompetiveness

5. Employeesmovingtomoreproductiveandinterestingwork>boostforlife-longlearning.

6.Growthandinnovationfromdigitaleconomystart-ups7.Smallercarbonfootprinthttp://www.finanssiala.fi/en/material/Environmentally_friendly_electronic_invoice.pdf.8.Significantlysmallergreyeconomy9.Realtimeautomatedeconomyandtaxrevenueforecasts.Line-specificpurchasedatafrome-Invoicesande-Receiptsinrealtimeinsteadofcostlyandslowquestionnairesandpolls.

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10.Improvedtransparency(beneficialownership,financingandpaymenttracking)11.Lowercreditandfraudrisksinbanksandenterprises(freeingupcapital).12.FullerbenefitsofPSD2andGDPRButtogainthisitisobviousthatMemberStatesandtheCommissionneedto:

- maketheroadmapclear,- takedetermineddecisions,- providesupportforecosystemaninfrastructurework,- actasamodeluser,- provideincentivesforenterprisesandcitizenstocrossthresholds,and- movefastertomandatorysolutionsespeciallyforenterprises.

AnnexIIRealTimeEconomyProgram–firstphases