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Real-Time Economy shaping the future of services

When talking about Real Time Economy (RTE) we refer to an environment where financial and administrative transactions connecting citizens, business and public sector entities are:

  • in structured standardized digital form

  • increasingly generated automatically, and

  • completed increasingly in real time without store-and-forward processes.

The mission of RTE is to improve productivity through direct cost savings especially in SMEs and the public sector, make indirect productivity improvement and dynamic impact visible, increase utilization and verification of data to improve especially context specific services, enable new levels of harmonization in the EU Single Market, create processes that lower the CO2 emissions, promote transparency and create cost-efficient solutions against tax evasion (Bo Harald, 2018).

In order to discuss the future of real-time economy concept in the Baltics and Europe, Borderless Real-Time Economy Round Table took place in Tallinn, 1-2 of February 2018. The goal of the round table was to invite RTE related projects’ representatives to share their project goals, findings and outcomes and to find synergies and match interests.

The two-day round table brought together RTE experts and interested parties from Estonia, Finland, Latvia, Lithuania, Denmark, including DIGINNO project partners. There was also a surprise visit by XBRL founder Eric Cohen from the United States and one of the participants was also the so-called Grand Old Man of real-time economy concept and the creator of online banking in Finland, Bo Harald.

The following projects were introduced at the round table:

  • Digital Innovation Network project DIGINNO,

  • Estonian ICT Cluster’s initiated RTE project Internet of Business,

  • E-receipt,

  • Nordic Smart Government,

  • TALTIO and RTECO from Finland,

  • TOOP and OGI leaded by TUT and funded by H2020,

  • Estonian Tax and Custom’s Board projects - Reporting 3.0, Tax Declaration as a Background Process and Business Account for Natural Person in collaboration with LHV bank.

RTE Round Table was organised by Estonian Ministry of Economic Affairs and Communications in cooperation with Technology Industries of Finland, DIMECC Ltd. (Finland) and projects DIGINNO and IoB (Internet of Business), and was funded under PACINNO project by Interreg BSR programme 2014-2020.

2nd Borderless Real-Time Economy (RTE) Round Table will be held on 21 - 22 May 2018 in Helsinki.

Presentations from the round table can be found here.

Pictures from the event can be found here.

For information about next steps, please visit the website of Ministry of Economic Affairs and Communications.

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