According to the recent Digital Financial Package, the priority  is to tackle the fragmentation in the Digital Single Market for financial services, thereby enabling European consumers to access cross-border services and helping European financial firms to scale up their digital operations.

A larger potential market across borders makes it easier to find the investment  needed to develop such services. Additionally,  firms achieving scale may also be able to provide such services at a lower price and higher quality.

By 2024, the European Authorities  are planning to implement a sound legal framework to facilitate the use of interoperable digital identity solutions which will enable new customers to access financial services quickly and easily.

In this scenario eIB is developing its activity.

eIB aims at leveraging the potential of combining eIDAS based identification and e-signature technologies (especially remote e-signatures) to fully automate and secure the process of online registering with a cross border bank. To achieve this, the project will develop a business process model for automating the process of opening a new customer and bank account cross – border by a user coming from another EU Member State.