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It has often been heard that it is difficult to find business cases for enterprises to deploy organization wallets and with them move to the new generic way of interchanging verified data. The more immediate question has probably been asked in the data service provider camp. And some businesses may see the change as a threat to their bottom lines.
For me – with a background in payment automation, e&m-banking, e-invoicing, e-receipts, My-data and since 2018 a firm believer in the general-purpose organization wallets – the big picture is very clear.
How big the costs will be and how the huge overall benefits will trickle down to businesses, public sector organizations would urgently need more scenario building.
It should also be analyzed how much the improvements in productivity, risk management, security privacy and the Single Market in Europe will lower prices and taxes the households. And how much this lower inflation will lower needs for salary increases and thus increase competitiveness.
The following signposts have been important for us in the Findynet consortium:
The improvements on offer are naturally so overwhelming that it may take time to adjust. But it is very clear that the economies in the Western world cannot be delayed by search for the last business cases.
The migration to the data driven economy should be firmly pushed forward by public-private adoption of organization wallet applications and readying verified data streams between these.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Prakash Bhudia HOD – Product & Growth at Deriv
13 March
James Strudwick Executive Director at Starknet Foundation
Foday Joof Risk Management Officer at Central Bank of The Gambia
Anoop Melethil Head of Marketing at Maveric Systems
12 March
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