Online banking has become an integral part of the financial sector and is now indispensable for most people. Some banks have even dispensed with physical branches altogether and rely solely on their online presence. However, one key element in the digitalization of the financial sector has lagged behind somewhat: cross-border legally valid digital identification. This is exactly where the European Digital Identity Wallet (EUDI Wallet) comes in. It is a core project of the European Commission within the framework of the eIDAS 2 Regulation and will fundamentally change the way digital identities are handled in Europe – especially for banks and other financial service providers.
Digital identity is becoming European – and user-centered
The EUDI Wallet is a mobile application that allows citizens to manage their digital identity and other personal credentials securely, with minimal data usage and interoperability across the EU. The wallet is based on the principle of self-sovereign identity (SSI): users themselves control what data they share, when and with whom.
For financial service providers, this means a new way of interacting with customers – more efficient, more secure, and completely digital.
Why the EUDI Wallet is relevant to the financial sector
Identification and authentication are at the heart of many business processes in the financial sector – whether it’s opening an account, taking out a loan or accessing payment services. Today’s practice – with media breaks, complex KYC processes and nationally fragmented solutions – is often inefficient, expensive, and not very customer-friendly.
The EUDI Wallet offers several key advantages here:
- Efficient customer onboarding processes
In the future, new customers will be able to prove their identity digitally and legally with just a few clicks. The information required for KYC procedures – such as ID details, proof of residence, or tax ID – can be transmitted directly from the wallet. This significantly speeds up account opening and reduces costs for banks.
- Strong customer authentication (SCA) in accordance with PSD2
The Payment Services Directive 2 (PSD2) requires payment service providers to use strong customer authentication for electronic transactions. The EUDI Wallet can act as a secure means of authentication – for example, by combining biometric factors and digital evidence. Unlike current methods such as SMS-TAN or App-TAN, the wallet is more privacy-friendly, more robust against phishing and standardized by eIDAS 2.
- Digital contract conclusion with qualified signatures
Another key use case is the legally compliant signing of contracts. The EUDI Wallet will support qualified electronic signatures (QES) – the highest signature level according to eIDAS. This means that credit agreements or powers of attorney, for example, can be signed directly in the wallet with legal validity – without media discontinuity and valid throughout Europe.
The Namirial Wallet Platform: Enabler for EUDI in the financial sector
Namirial is one of the first companies to provide a comprehensive solution for implementing the EUDI wallet: the Namirial Wallet Platform. It not only offers the technical infrastructure for EUDI-compliant wallets but also integrates specific functions for regulated industries – especially for financial service providers.
The platform was developed to:
- Support wallets with different roles (e.g. issuer, recipient, verifier)
- Ensure EUDI-compliant data flows and interactions
- Support financial service providers in integrating the platform into existing systems – in a legally compliant and technologically flexible manner.
As a qualified trust service provider according to eIDAS, Namirial already offers all the necessary components for the legally effective use of the wallet: for example, qualified signatures, identity verification and a comprehensive wallet infrastructure – all from a single source.
Opportunities for banks and payment service providers
✅ Strengthen customer centricity
The EUDI wallet enables a more intuitive and user-friendly customer journey – especially for digitally savvy target groups.
✅ Simplify compliance
Standardized, legally compliant evidence and signatures enable regulatory requirements such as KYC, AML and SCA to be implemented more efficiently.
✅ Reduce costs
Fewer media breaks, fewer manual verification processes, automated identity checks: all of this reduces operational costs.
✅ Ensure interoperability
The EUDI Wallet can be used throughout the EU – a clear advantage for banks and financial service providers operating across borders.
Conclusion: Shape the future of digital identity now
The EUDI Wallet symbolizes the next stage in the evolution of digital identity solutions in Europe. Financial institutions that embrace this infrastructure early on will gain clear advantages – in terms of legal compliance, customer experience and operational efficiency.
Namirial is accompanying this development as an experienced, internationally active trust service provider with its own wallet platform. Together with our partners in the financial sector, we are shaping a digital future that is secure, user-centered and legally effective.
