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Real Time Economy for EU - What?

The two most central targets are:

1. Automated VAT- and other reporting to public and other sectors (Target 1- T1 in slide). For this automated - towards real time moving - accounting is needed (ECO1). Central building blocks are real time payments (BB1), real time e-invoicing and e-receipts (BB3) in same structural form and standard. E-id and e-signing services (BB2), e-Address (BB6) and e-Procurement (BB5) also make progress faster and more secure. 

2. Automated risk evaluation and financing processes (T2). Automated accounting (ECO1) is the key. Golden source ownership data (ECO2) would contribute greatly and enabling consumers to link also real time income information (ECO2) to credit applications would cut costs and credit problems. Central building blocks are unlisted shares to CDSs and linkable property ownership data (BB5) and real time e-salary and tax-reporting (BB7)

This should be focused on (focusing on everything not a good rule...). But the same building blocks and ecosystems will also enable for example:

3. Real time comprehensive asset reporting

4. Real time economy forecasting and

5. Real time taxation

But this is only the beginning - much more opportunities will arise. It is only a question of time.. Who could not be for faster progress? Vested interests may of course see reasons for slowing down the inevitable. But we cannot afford to let this happen for very long.

 

 

RTE - What
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