Hello good morning everybody Thank you very much Yeah, my name is Dennis Hannemann. I'm working for the Bundesanzeiger Verlag. We are the official German company register and I'm here from a regulatory strategy and digital identity perspective The unit which I'm leading.
Yeah, my topic is are you ready for the European business wallet? And I will give a few insights from the new EU European large-scale pilots Primarily the WE BUILD Consortium You have seen it maybe in the last few days outside. We have made some advertising We said it's nice to see you. Are you ready? Ready?
Ready for the new European business wallet and why I say business wallet is because in the last days We had several presentations here From let's say natural person perspective and a natural person wallet And we have the colleagues here from Sprint Torsten Loderstedt had a made a keynote from the German activities with regards to the natural person wallets and We have the topic the business wallet which comes along in the next. Yeah, which we developed for the next 18 months and We are here from a Bundesanzeiger perspective and We do these activities together with the colleagues from Sverity.
By the way, we have a little booth there Direct from that door outside. You can come to us if you have any questions Two three sentences to the Bundesanzeiger. Where are we? What what do we do? We are the Federal Gazette of Germany. That means if you need to publish your financial statements You publish it to the Bundesanzeiger We are the company register the official company register for the Ministry of Justice and we are running also the ultimate beneficial owner register in Germany for the Ministry of Finance Beside of that activities.
We have also we are an LEI legal entity identify issuer for 100 countries And this is the Bundesanzeiger. We are 75 years old like the Federal State of Germany, of course and the core competence what we have is We need to make sure that the unique identity of a legal entity is Absolutely, correct. So that means that's our core task to make sure that you have you are always In yeah in you know, who is your counterpart?
We have been in the large-scale pilots in the last two three years For example EWC and you know it the EU digital identity framework That's the new era for the digital identification from a European perspective from a European Commission perspective and in this in this topic we are we went into that because We have a role in this system in the future and I will come to that in the next few slides The last presentations the last days and always the discussions are from a natural person perspective I already mentioned that so the EU Commission said a digital ID and a personal digital wallet for European citizen This is one focus, but they said also We have to have one for residents.
Sorry for businesses for businesses What does that mean that mean in EWC within this consortium? We have developed let's say prototypes and solutions and proof of concepts Between all the member states the European digital and the ID wallet consortium Is there are 27 EU member states? We have around 41 partners and 35 associated partners.
So there was a quad large European project but it will end in summer this year and the European Commission They said okay With in the in the first round of the large-scale pilots the focus was on the natural person perspective We need to give more attention to the businesses and the enterprises as well.
And there's where we built will come along We built is the new consortium It's the biggest consortium in Europe for the next two years It will kick off kicked off in first at first of September in 2025 We have almost 200 participants With all the member states or the business registries, of course we have a lot of big companies there in that consortium and we will derive the next few years By developing a wallet ecosystem for business and payment use cases.
It's a use case driven large-scale pilot for legal representatives and Data sharing and of course the identification is a main part because you need to identify before you start business And we built we have four walk packages One the second one is business we have Yeah, WP to business WP to supply chain with WP three payment it's a payment use case and we have the general capabilities and You see it here in The first in the first row you see the business use cases.
There's one it's called be you one It's KYC KY assets know your customer know your supply know your business part it is a very very important use case because in there we you do the diligence and the identification process We are the use case lead for this use case from a business register perspective we said this is a very important role we need to take the lead of that and And Yeah, see how what we can do in the future in this topic Beside of that we have creating company branch. We have issue micro credentials or company representatives Acting on behalf of a company.
These are all the topics which are quite interesting and or foreign tax declaration Business access to OTS. These are the topics in business in the business work stream Beside of that and the supply chain use case and there are authentication and access and transport with public procurement Automated data exchange and digital product passports. This is quite interesting use case as well for the industry Trusted data sharing for data spaces and e-invoicing. We have a new regulatory.
Everybody needs to issue invoices In the other use case streams we have payment we have consumer Banking and account opening use case pa1 we have consumer payments We have pa3 which is corporate banking and account opening. So opening up a bank account cross-border So if for example Airbus wants to open up a bank account in BNP Paribas or in the German Bank or from Netherlands Finland We need to find a solution how that could work.
This is that use case You see we took the use case lead for that as well because this is a KYC use case also from From a regulatory perspective AML perspective a lot of regulations for that obliged entity which come into force Beside of that we have business payments and other use cases Of course, this is quite interesting use case as well. And beside of that we're sitting in the expert groups of the general capabilities We are in the trust infrastructure and expert group pit L pit That means the we call it wallet dance.
So the PID wallet together with the enterprise wallet How does it work and we have the trust registry infrastructure?
Which is quite interesting because we need in the end if you want to do some of these things sort of technological cybercrime perspectives You need to trust infrastructure trust ecosystem If you don't have that it cannot work and how this could be this we're gonna derive in we built So the focus is on European business wallet, that's the focus so enterprise wallet Communication with another enterprise wallet Porsche is communicating with Siemens Lufthansa is communicating with The Deutsche Bahn or cross-border, of course, so how that could work in the future.
These are the activities and the questions So what's the difference? I made a small small slide to just explain. What is the different? We have the European digital identity wallet in the past. The European Commission was not so very clear from From a let's say legislative perspective from a definition. So we had the oily wallet Then we had some words like you need to have mobile wallet Enterprise wallet corporate wallet What's the different the main difference is from a mobile wallet perspective?
It's for human being so you can put your ID You can put your driving license all this stuff into this wallet in the future. It's for natural persons It's important to see it's a natural person who has this mobile phone wallet in the future in the pocket It's a mobile device. It is for identification for natural persons That's from a regulatory perspective very important to understand.
It's for identification for natural persons So when it comes to business we have let's say Yeah, there's a barrier because the natural person can also do business by himself like soul trader, for example So we have soul trader. We have persons, but they are not Juridical persons.
Yeah, how that's how how we say it. So there are always natural person So you have to identify them if a natural person wants to open up a bank account They need to put the ID there today.
You need to put your ID in the future You use your mobile phone wallet If you want to open up a business bank account as a natural person acting as a soul trader You also need to get identified of Your pit so you need to put your the bank needs and your ID they would always take your ID From an enterprise wallet perspective, it's different So the European business wallet focus on the identity of legal entities legal entity with his own legal Personality, this is how we made the definition in the large-scale pilots We call it legal persons, but from a juridical perspective is a legal entity with its own legal personality That's the difference between a natural person and the legal entity with its own legal Personality and therefore you cannot put it on a mobile phone.
You need a 24-7 system. You need an enterprise system It could be on cloud. It could be an on-premise.
Of course, it's that's every every solution is possible But it has to be a 24-7 system. You cannot have it on the mobile phone because the transactions are going 24-7 Every day always and Bosch needs to identify for example the BNP paribas and You need to identify the company and this is quite interesting How do I identify a company from a legal perspective a legal person for KYC B to B know your business partner?
use cases So there are the that's the role of the business register come into place when it comes to identification of companies because today We have this already if you want to open up a bank account for Bosch In any bank they take a register except today Why do they take a register except because the existence of the company is because they're registered in that justice Ministry of the justice register.
It's it's a very important You go to a notary you want to found a company and then you they got it's that the existence get into for a place Because of the register number so that's important and it has public faith so you can rely on that information that it's really the truth Bosch is Bosch because they're registered in that register and This logic we need to transfer into the new digital world So I made this comparison if you are a natural person you get yeah, it's there's a birth of a natural person the entry in the birth register is this is the Initial legal act and the proof of identity is the identity card and there we derive the pit the person ID for the mobile wallet and What I've just said from a legal person perspective the birth of the legal entity is when it's goes to the register That's the initial legal act and in Germany.
For example, we have this number So if you are a GMB H is just the form of company For example, you have HR B 4 0 9 9 local court essence So this is just a sample for this Walter Miller game be harmed with different registers in Germany. We have Yeah foundation register. We have depending on the on the legal form.
We have different registers, but they're all from justice They're all under the Ministry of Justice because it's public face behind that information and this information we need to derive into an epic into a legal person ID and this is where the business register in Europe comes into place and We have already ten years Identifier it called European identified the EU ID according to Bris Bris is the business register interconnecting system, which is already there ten years and What is in that identify it's quite easy.
It's that number HR B 4 0 9 9 local court essence It comes into D a there's the legal this mapping for the for the local court. It's our 2503 this is a mapping list and then you have this number HR B 4 0 9 9 So this is the existence proof of that legal entity We need to put this into a verifiable credential, of course from a technological perspective and push it into the European business wallet But from a legal perspective, it's important you take this ID because it's a public face. That's what I just mentioned.
This is a typical Register except and the old world the bank need this except it's a PDF document or paper document in the past in the future You need to put this number Into the wallet and this is where the EU ID comes into place.
This is the European identifier and this is where the large-scale pilots They have defined this in November 2023 in EWC they have defined this a UID SD legal entity identifier in Europe for legal entities and That's the reason why because it's from the business registers directly So we have that's the role of the European business registers The business register therefore play a central role as the current trust system Because we have this already the trust system ecosystems already there and that's why we need to put this into the new Digital world.
This is when the business registers Got integrate and when the new legislative proposal and of this year from the European Commission will get into force from a Ida's 2.0 implementation perspective so another word for the role of the business registers the authentic source if you look into the IRF the architecture reference framework from the European Commission You see there's always the authentic source and we need to have authentic source for the legal person ID These are the business registers.
We have different authentic sources, of course for ultimate beneficial owner information For example, it's the transparency register in Germany the beneficial owner registers in Europe. These are the authentic source of this information You have le I a legal entity identified as life lives authentic source for le I so we have different authentic sources But these are secondary authentic sources because you need to prove before Does the company exist and this is the legal pit?
Yeah, I'll pit we call it legal person identity Identifier and there's where the ID comes into place So the trust ecosystem which we have today in the current world We transferred into the new digital world by using the ID and today we have this European business registry Association it already exists 10 years and That's the platform and that's the network behind where we are developing this Why do we need this because if you see that slide again the mobile wallet?
Yeah, we have this primary identify the pit the German pit authentic source There's the developing this and you can use this for example for business to government use cases or small b2b use cases But if you come from industry perspective, we have absolutely different Needs we have b2b transactions regulatory compliance critis energy We have all this data space activities manufacturing X energy data X Coffin 80 X container X you know them and you need to put all these credentials into ERP systems like SAP Ariba if you're from a supplier and onboarding perspective or Financial core bank system.
We need to do that. And this is So we have the LPT first to identify and then you need all other register credentials as well like ultimate beneficial owner shareholder You need to know from an email perspective is the legal representative made on a political exposed list or sanction list embargo These are all credentials.
We we have already today in the ecosystem We only need to very to make verifiable credential out of it So to make decentralized identities to get into this b2b use cases where in the future we'll have a big business value where macroeconomic effects come into place compliance automation and of course cyber security a Auto AI automation and for example also the use case power of attorney for AI agents in the future Maybe we have AI agents who gonna?
communicate and signing contracts For companies and you make you need to make sure that this AI agent There's a right power of attorney of Bosch and it's not a fake company behind These are the challenges. That's why we are going into the we built we're really happy to have a very significant role in that I already said be your one is know your customer new supplier know your Business PA 3 corporate banking and the account opening cross-border.
We will do it in the next 18 months We start in 1st of September and we have developed in EWC already in prototype of enterprise wallet together with the colleagues of Severity you can see it. We have a demonstration over there This is how it looks like and we gonna use it.
For example in energy data X ecosystem, they will use this enterprise wallet and What I just mentioned it's in for it's important to get this company company information directly from the primary source For KYC diligence KYS the diligence, for example, we have several credentials like the LPT Signatory right credential European company certificate credentials, which has contains also other information like branch code and nays code sick code W Set Oh eight code and whatever code and of course ultimate beneficial owner or shelter from a male perspective So we said you have seen it maybe outside from trusted source to verifier That's the very very big challenge from a business register perspective We're gonna make it in the next few.
Yeah. Yes the Weibull consortium will Take place on 1st of September We have the first meetings in Amsterdam in June already where we start to prepare and it will be for the next two years Thank you very much for your attention, I hope it gives a little short introduction into the new LSP.
Thank you very much Thanks so much Dennis, I'm hopefully you'll be back next year to give us an interim update in that genius tell us how it's going Finally interconnect with this community here and tell us how they can help them I don't see any questions from the audience yet, but I just wanted to ask you What role do you see trust service providers playing in shaping the compliance and technical standards for the EU BW?
Yeah, we will have I mean the architecture Framework already defines different roles and quality trust service providers are very important to issue qualified attribute at stations This is a new format of verifiable credentials. It's a QE a a In the past we had only other kind of attestations, but the QE a is a new Credential and they will take this place because they need to issue this from authentic sources Great. Thanks.
Well, I don't see any other questions here. So please give it up again for Dennis Holland
