Digital economy – Real-time economy (RTE) programme

The investment aims to help create common solutions and structures to facilitate the exchange of digital financial data between organisations in a structured machine-readable format (such as e-invoices, e-receipts, procurement documents and financial statements), in line with the vision of a ‘real-time economy’. The exchange of structured financial data will support the automation of processes with positive impact on productivity in both the public and private sector, while also promoting the digitalisation of government and society as a whole. The investment will enable the sharing of information between businesses, between businesses and public authorities, and within the public sector, based on the ‘once-only’ principle.

In particular, the investment will cover the following elements to be completed by 31 December 2024:

1. The establishment of an “ecosystem for the real-time economy” in public-private cooperation. A minimum viable ecosystem (MVE), i.e. a production version of the basic digital platform and related infrastructure/software solutions, is in place since the end of 2022 and is able to transmit e-invoices;
2. The creation of digital infrastructure to be functional at the end of 2024, which will allow for sharing, receiving and using a company´s financial data such as e-receipts, e-invoices and procurement messages in line with the relevant legal requirements related to data protection and privacy.

A total of EUR 14 million in funding has been allocated to this project from the EU’s Recovery and Resilience Facility (RRF).

More information can be found at the links below:

• https://www.yrityksendigitalous.fi/en/
• https://tem.fi/en/-/new-project-to-help-companies-digitalise-their-financial-administration