Real-Time Economy Competence Center

The draft version of the electronic account reference white paper can be found here.
The first version of the reporting code scheme (in Finnish) can be found here.

Real-Time Economy is an environment where all the transactions between business parties are in digital format, increasingly automatically generated, and completed in real-time both from the business angle and IT-processing.  For enterprises, public sector, and citizens this means, for example, that orders, order confirmations, invoices, and payments flow from system to system without delays. This makes it possible to move towards electronic archiving, electronic book-keeping, and automated accounting. The benefits for society at large are enormous - both in terms of productivity and environment. The RTE program is a joint project between Tieto and Helsinki School of Economics. The four steps in the RTE program are depicted below (SEPA = Single Euro Payment Area; FVC = Full Value Chain; FIA = Fully Integrated Accounting; ERM = Enterprise Risk Mitigation).



The Real-Time Economy Competence Center (RTECC) operates at the Helsinki School of Economics. The objectives of the Center are fourfold:
The research conducted at the Real-Time Economy Competence Center tackle the different aspects of the transition towards a more real-time economy. The research initiatives of the program are geared to:
  • understanding the stages and actors in the development towards real-time economy, for example, we have explored the factors that affect the rate of adoption of real-time technologies
  • developing business and partnership models to drive the development towards real-time economy, as an example, we have studied the value creation mechanisms of operators in the field of electronic invoicing
  • creating guidelines and policies to guide the digitalization of business processes in order to ensure the competitiveness of Finnish companies in global competition, for example, we have written reports on the current state of electronic invoicing, as well as a report on the use of electronic account references
Please go to the "publications" section to see the full list of publications (journal articles, conference papers, theses) in the Real-Time Economy program.

Funding: Tieto & Finnish Funding Agency for Technology and Innovation (TEKES)
Keywords: business processes, electronic invoicing, electronic banking, information technology, financial value chain integration
Website: www.hse.fi/rte
Real-Time Economy Community: realtimeeconomy.net