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Enhancing Nordic-Baltic Region’s Leadership in Real Time Economy

The 2nd Borderless Real-Time Economy (RTE) Round Table was held on 21-22.5.2018 in Helsinki. It was a follow-up to the 1st Borderless RTE Round Table which was successfully organised on 1-2.2.2018 in Tallinn where participants introduced the newest RTE projects in the Baltics and Europe and discussed the future and opportunities of real-time economy.

Real-Time Economy (RTE) is a key part of the on-going shift towards an economy model in which business processes and value chains are entirely digitized and connected. RTE is understood as an environment where financial and administrative transactions connecting citizens, business and public sector entities are in structured standardized digital form and are increasingly generated automatically, as well as are completed increasingly in real time without store-and-forward processes.

Typical RTE applications include e.g. e-Receipt, e-Invoicing, Real Time Payments, e-Procurement, Real Time e-Salary, e-Address, e-Id, e-Signing, Automated accounting, Real Time Assets, Real Time Income Register, Automated reporting, Automated finance and risk evaluation processes, Comprehensive asset reporting, and Real Time Taxation. RTE is also closely connected to several EU and global level initiatives, such as MyData, GDPR, Industry 4.0, Digital Single Market, Data Economy, and Data Free Flow.

The 2nd RTE Round Table was founded on leading RTE activities and the outcomes and follow-up plans of the 1st Round Table and it gathered more than 60 participants representing Finland, Estonia, Latvia, Lithuania, Denmark, Sweden and European Commission. The target was to strengthen the RTE community and discuss and agree on concrete actions and joint efforts across borders to enhance the Nordic-Baltic region as a leader in RTE development and piloting.

There was a strong common understanding the participants that the Nordic-Baltic region has many preconditions in good shape to be a frontrunner in RTE development and implementation. Many of the infrastructures, ecosystems and services needed for RTE are already in use in the Nordic-Baltic region, and several programs for the next phases are up and running. Additionally the countries are small enough to get the needed public and private sector stakeholders around the discussion tables, and similarity in legislation and attitudes also make cross-border interconnections easier to achieve.

The Round Table is organised by DIMECC Ltd and Estonian Ministry of Economic Affairs and Communications in close cooperation with Technology Industries of Finland, The Finnish Ministry of Finance, and Interreg Baltic Sea projects DIGINNO and PACINNO , and the Finnish RTECO project.

For further information please kindly contact Prof. Reijo Tuokko (DIMECC Oy, Finland, or Reet Reismaa (Ministry of Economic Affairs and Communications, Estonia,

Find Round Table Programme and presentations from here.

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