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

The EU Recovery and Resilience Facility (RRF) is providing funding for the Real-Time Economy project. The first milestone linked to the funding has been set for the end of 2022. In accordance with the milestone, the project has produced a description of a viable minimum real-time economy ecosystem and a number of development measures to strengthen it have also been carried out. Ecosystem development work has been carried out in close cooperation with companies, service providers, software houses and the public sector.

Description of the real-time economy ecosystem will be produced in two stages

The minimum viable ecosystem (MVE) existing in 2022 will be described in the first stage. This ecosystem is based on workable e-invoicing and an e-invoicing ecosystem built around it. A more comprehensive description of the real-time economy ecosystem will be produced by the end of 2024 as part of the project.

Description of the e-invoicing ecosystem meets the goals specified for RRF funding

Functioning of the e-invoicing ecosystem is verified in the first-stage MVE description in accordance with the RRF goal set for the project. The description is based on jointly documented rules and standards. In this ecosystem, e-invoices can move in a structured machine-readable format so that the invoicing process can be further automated. Creation of structured data already in the invoicing stage supports the digitalisation and automation of financial administration. Automating the financial administration helps companies to make their other processes more efficient, improves data quality, reduces errors and eliminates costly manual work.

The project has increased the use of e-invoicing in companies and municipalities

The public sector has acted as the driver of change in the development of the e-invoicing ecosystem. Under the act on electronic invoicing (241/2019), municipalities have an obligation to accept and process e-invoices in their public contracts and for this reason, development work has already been launched with a number of municipalities.

Officials responsible for financial administration in municipalities and other employees in local government financial administration have been provided with advice and information on e-invoicing. For the wider introduction of e-invoicing, a guide for e-invoicing in local government has been published in the project and it can also be used by companies.The quide is available in Finnish and Swedish.

An extensive e-invoicing campaign targeting companies has been carried out in the project, and enterprises have given advice on how to start using e-invoicing. A successful one-time e-invoicing pilot among consumers has attracted considerable interest. A service description of one-time e-invoicing was produced in the project in connection with the pilot. Campaign articles are available in Finnish and Swedish

E-invoicing indicators monitoring the percentage of e-invoicing of all invoicing each year have also been created in the project. Indicator report 2022 availbale in Finnish.

The MVE description will be audited by an external party

In accordance with the terms and conditions for RRF funding, an independent external party will conduct an audit on the MVE description. The audit will take place in early 2023. The MVE description will be published first in Finnish, and the Swedish and English versions will follow later in the spring.

A more comprehensive description of the real-time economy ecosystem will be produced in 2024

The description of the minimum ecosystem will serve as a basis for a more comprehensive description of the real-time economy ecosystem. The description, produced as part of the project, will cover procurement messages, digital receipts, digital identity, business wallet and official reporting. The comprehensive description will be produced during 2024.

The basis for the real-time economy ecosystem will be built around the processes that are developed in accordance with the project goals. At the same time, the project will also create prerequisites for ensuring that the real-time economy ecosystem will continue to develop and expand after the project.

Read the report in Finnish Yrityksen digitalous MVE2022 . EU RRF will publish the English version after the description has been audited.

Would you like to receive the file attachments (in Finnish) to the MVE description? Send a request to yrityksendigitalous (at)

, Updated 17.1.2023 at 14:27