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Real time economy

The vision of the Real-Time Economy project for 2030 is to build a national digital ecosystem for business actors that would be compatible with similar systems in other Nordic countries. It would allow seamless, real-time and secure transmission of orders, e-invoices, digital receipts and business data between parties.

Building of the digital economy and its operating environment will continue after the project on the basis of the Real-Time Economy. The project was launched in 2021 and it will last until 2024. It is part of Finland’s sustainable growth programme, which supports ecologically, socially and economically sustainable growth in line with the goals set out in the Government Programme.

This site is intended as a source of information and a forum for collaboration during The Real-Time Economy project.

Website is being updated, differences between language versions possible.

What does the project mean for the various operators of the digital economy

For companies

In the future, all companies can be part of a digital data transfer system in which voucher data is automatically entered in bookkeeping accounts. Official transactions will also be processed digitally so that overlapping reporting can be avoided.

For financial administration professionals

Both companies and public administration actors can achieve efficiency improvements when adopting electronic financial administration.

For central and local government

Central and local government are creating prerequisites for a digital economy and benefiting from it.

What is Real-Time Economy project?

Project in a nutshell

The purpose of the Real-Time Economy project is to prepare solutions for the interoperability and technology of the digital ecosystem, functioning and processes of financial administration, and the organisation and management model. An assessment of the required legislation will also be produced.

Share your insights

Experiments and co-development

The project offers companies, software developers and other service providers an opportunity to participate in the pilots carried out during the project.

Current

29.3.2023 | | Dr Mikael Linden

eReceipts and digital wallets support automated cost management approaches

24.2.2023 |

New ideas for simplifying reporting for companies were developed in collaboration with industry stakeholders

17.1.2023 |

Development of the real-time economy ecosystem is progressing in line with the objectives

E-invoice

E-invoice is the cornerstone of efficient financial administration. Its benefits become more obvious as companies make more use of automation, electronic reporting and artificial intelligence. E-invoice is an electronic invoice that is transmitted in structured (machine-readable) format.

Digital receipt

Digital receipt is an electronic receipt that can be transmitted in structured (machine-readable) format from the seller to the application selected by the customer. A pdf or an image of the receipt sent as an email attachment is not a digital receipt.

Procurement messages

Procurement messages contain trade information in structured and machine-processable format. Procurement messages are used in order and delivery processes. The procurement message may be an invitation to tender, a tender, an order, an order confirmation or a product catalogue. Procurement messages speed up the automation of business processes and make them more efficient.

Easy financial administration

Companies use financial reporting for a wide range of different purposes, such as performance monitoring, customer relationship management, enterprise resource planning, and official reporting. The same financial data is used for all these purposes.

Interoperable network

Interoperable digital economic networks are also known as ecosystems. In an ecosystem, actors can identify each other in a reliable manner and information moves seamlessly between partners. Digital ecosystems are built by humans and for this reason, they require jointly agreed rules, data models, machine-readable data, and data transfer between services and systems and across interfaces.

24/7 Always available

Companies must produce and access economic monitoring, analysis and forecasting data more quickly than ever before. In a digital economy, information moves between systems all the time, regardless of opening, business or office hours.