Swisscom Trust Services - Trust Blog

How EU ID Wallets benefit your business | Trust Blog

Written by Ingolf Rauh | 7/31/24 1:11 PM

Identification is a major hurdle in onboarding for many companies. The manual effort and security risks involved in verifying identity documents often lead to delays and additional costs. But this is precisely where the European Digital Identity Wallet (EDIW) comes in. With its potential to overcome these challenges while increasing customer convenience, EDIW not only offers an innovative solution for identity management, but also significant benefits in terms of operational efficiency, regulatory compliance and customer loyalty. Continue reading to find out how EDIW can lead your organization into a new era of digital identification.  

What is the EDIW? 

The European Digital Identity Wallet (EDIW) is a revolutionary initiative by the EU under eIDAS 2.0, providing a unified digital identity for EU citizens, residents, and businesses. This wallet allows secure storage and control of personal data, such as IDs, driver’s licenses, and educational records, from mobile devices. It enhances privacy and security by letting users choose what information to share. Guided by GDPR, EDIWs ensure high security and data protection standards, promoting digital integration and user-friendly online interactions and transactions across the EU. Businesses benefit from streamlined processes, enhanced security, and easier compliance with EU regulations.  

Why businesses should consider utilizing EU ID wallets 

Organizations should consider using EU Identity Wallets (EDIW) as they offer numerous benefits. They improve security and reduce fraud risks through advanced security protocols, providing more robust protection against fraudulent activity. At the same time, they provide an optimized user experience by enabling a seamless and efficient flow, which increases user satisfaction and simplifies interactions online. They are also cost-effective as they reduce the administrative costs of manual document reviews, saving resources and optimizing operational processes. 

The wallets also ensure compliance with strict EU data protection and security regulations, which is crucial to fulfil legal requirements and avoid fines. They also facilitate market expansion by enabling fast identity verification across EU borders, helping companies to enter new markets and expand their reach. In addition, they increase trust and credibility by providing a government-recognized digital identity solution that boosts customer confidence in the security and reliability of services. 

Use cases for businesses 

The European Digital Identity Wallet (EDIW) offers various potential use cases across multiple sectors, providing significant benefits for businesses in terms of operational efficiency, regulatory compliance, and customer engagement. In the banking, telecommunications, and public service sectors, EDIW can streamline customer onboarding processes both online and offline. It enables customers to access a range of services securely without the need for traditional forms of identification. EDIW simplifies the process of verifying customer identity across EU borders, making cross-border services more efficient. In e-government, it facilitates more efficient interactions with government services. In healthcare, EDIW helps verify patient identity and manage access to medical records securely. For e-commerce, it enhances customer trust and streamlines checkout processes, improving overall user experience. Lastly, in the real estate and rental markets, EDIW simplifies tenant screening and lease agreements, making these processes more efficient and secure. 

Conclusion 

By incorporating European Digital Identity Wallets into their client and onboarding processes, businesses can streamline operations and align themselves with the future of digital transactions and identity verification in the European Union. This alignment prepares them for evolving regulatory landscapes and positions them favorably in the eyes of security-conscious consumers. 

Swisscom Trust Services is in discussions with leading partners in the field of digital identities, electronic signatures, e-seals and wallets, and is working on new trust service offerings in the context of the new EU regulation. If you are interested in a custom offer, don’t hesitate to contact us.