The PRH coordinates the Real-Time Economy project
Finland wants to be at the forefront of digitalisation internationally and enhance the competitiveness of companies by building a real-time economy. The Ministry of Economic Affairs and Employment has launched the Real-Time Economy project for the period 2021–2024 to promote these objectives. The project is coordinated by the PRH.
The project organisation was approved, personnel for the project were recruited and the external expert services required in the project were put out to tender during 2021. Project goals and the project plan were approved. The activities of the steering forums were put on a permanent basis and co-creation with private actors was launched.
The project promotes the development of a real-time economy
Digital economy or real-time economy is a system in which all business transactions are based on machine-readable data and the processing of this data. In the digital economy, there will no longer be any need for manual entries, data transfers and reports as data moves between actors on an integral, structured and secure basis.
The vision of the project for 2030 is to build a national ecosystem for business actors that would be compatible with similar systems in other Nordic countries. It would allow seamless, real-time and secure transmission of orders, e-invoices, digital receipts and business data between parties.
The proposals for the following are prepared in the project:
- interoperability and technology of the digital ecosystem
- functioning and processes of financial administration
- organisation and management models.
An assessment of the legislation required to support the operating models is also produced.
Building of the digital economy and its operating environment will continue after the project on the basis of the Real-Time Economy.
The project will be carried out as a partnership
The project will only succeed if government agencies, companies and financial administration service providers are committed to change and participate in the joint development work.
The PRH, the Digital and Population Data Services Agency, Statistics Finland, State Treasury and the Finnish Tax Administration are the government agencies jointly responsible for the project.
The Confederation of Finnish Industries, Finance Finland, Finnish Commerce Federation, Association of Finnish Municipalities, Federation of Finnish Enterprises, Association of Finnish Accounting Firms, Technology Industries of Finland, Ministry of Transport and Communications and the Ministry of Finance are also taking part in the project.
The project is part of Finland’s sustainable growth programme, which supports ecologically, socially and economically sustainable growth in line with the goals set out in the Government Programme. Funding for the project comes from the Recovery and Resilience Facility of the EU (RRF).
