Securing the future of the EU Digital Identity Wallet: Why we need corporate digital identity standards now

Henry Balani
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Henry Balani: Clinical Professor, Quinlan School of Business, Loyola University Chicago, USA

Journal of Financial Compliance, 2025, vol. 9, issue 1, 32-39

Abstract: This paper explores the critical necessity for establishing corporate digital identity (CDI) standards in the digital economy of the European Union. As online services proliferate, the need for secure digital identities (IDs) becomes paramount, particularly within the European Union, which has advanced initiatives such as the electronic IDentification, Authentication and trust Services (eIDAS) regulation and the proposed EU Digital Identity Wallet. The discussion differentiates CDI from individual digital IDs, emphasising unique complexities such as dynamic corporate structures and distinct data privacy requirements. This paper argues that robust CDI frameworks can significantly enhance security, streamline processes and ensure regulatory compliance, particularly in financial transactions. It underscores the imperative of developing common standards for both referential and transactional data exchange, facilitating seamless and secure cross-border interactions. The creation of such standards necessitates collaboration among regulatory bodies, financial institutions and industry participants, with an eye towards global interoperability. By establishing these standards, this paper posits that it will be possible to foster greater trust, efficiency and transparency in digital ecosystems, ultimately benefiting both corporates and individuals. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Keywords: digital identity wallet; corporate digital identity (CDI); regulations; EU; banking; financial crime (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2025
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