GLEIF Advances Digital Trust and Identity for Legal Entities Globally
The Global Legal Entity Identifier Foundation (GLEIF) is to extend the Global LEI System to create a fully digitized LEI service capable of enabling instant and automated identity verification between counterparties operating across all industry sectors, globally.
Following a series of 2020 research initiatives, GLEIF today invites stakeholders from across the digital economy to engage in a cross industry development program to create an ecosystem and credential governance framework, together with a technical supporting infrastructure, for a verifiable LEI (vLEI), a digitally verifiable credential containing the Legal Entity Identifier (LEI).
By embedding new and existing LEIs in Verifiable Credentials1, the vLEI will create a cryptographically secure chain of trust that replaces today’s manual processes required to access and confirm an entity’s LEI data.
The vLEI will give government organizations, companies and other legal entities worldwide the capacity to use non-repudiable identification data pertaining to their legal status, ownership structure and authorized representatives in a growing number of digital business activities, such as approving business transactions and contracts, onboarding customers, transacting within import/export and supply chain business networks and submitting regulatory filings and reports.
“The global LEI system is unique in its capacity to provide regulated and standardized global identities for legal entities everywhere,” comments Stephan Wolf, CEO, GLEIF. “Our next step is to secure the process of presenting and verifying LEI data digitally, so it can be used across the digital economy in corporate ID use-cases. This year, GLEIF has begun exploring technical approaches across a number of industry sectors, with the aim of identifying an open and universally interoperable model. We’re excited to now formalize the vLEI development program and invite broader engagement to help us unlock the power of the LEI for all industry sectors around the world.”
Drummond Reed, Steering Committee Member, Trust-over-IP-Foundation, comments: “The vLEI has the potential to become one of the most valuable digital credentials in the world because it is the hallmark of authenticity for a legal entity of any kind. The family of digital credentials in the GLEIF vLEI Governance Framework can serve as a chain of trust for anyone needing to verify the legal identity of an organization or of a person legally acting on that organization’s behalf. The demand this will create for LEIs — and the impact it will have on adoption of self-sovereign identity — cannot be overestimated. It will be a sea change for digital trust infrastructure that will benefit every country, company, and citizen in the world.”
GLEIF is already engaged in research partnerships and technical trials with stakeholders in pharmaceutical, healthcare, telecom, automotive and financial services sectors. A range of blockchain, self-sovereign identity and other decentralized key management propositions are currently being explored.
Chris Ingrao, Chief Strategy Officer of Lumedic, a Tegria company, a US-based Health Information Logistics firm piloting the vLEI, comments: “Lumedic recently launched the Lumedic Exchange, the first healthcare ecosystem of its kind dedicated solely to community-driven standards development for patient-intermediated information exchange using verifiable credentials. It is attracting a multinational membership from a broad array of industries and needs to ensure all members are fully registered legal entities with strong accountability. The vLEI will enable us to standardize on a digital credential attesting to that status from all Lumedic Exchange members providing both efficiency and assurance.”
Steve Meizanis, Global Product Head of Symbology and LEI Services at Bloomberg LP, comments: “Bloomberg’s two vLEI proof-of-concept trials signal a clear opportunity to broaden the usage and increase adoption of the LEIs in digitized corporate activities. It also increases the scope for new and existing LEI issuers to offer vLEI services, strengthening the Global LEI System as a whole.”
GLEIF has collaborated with Deloitte to identify that demand generation for the vLEI will occur through a combination of existing LEI use-cases, including regulatory mandates for financial reporting, growth market segments in relation to new use-cases, such as Know Your Customer (KYC) procedures, and the broader digital economy, including strong anticipated growth in the area of self-sovereign Identity-enabled business ecosystems.
Derek Ryan, Partner, Deloitte, comments: “This is an exciting time for the self-sovereign identity industry. Universally trusted digital identities among both businesses and individuals are set to play a central role in our fast-evolving digital economy. Until now the absence of a trusted governance authority able to link digital identities with real world legal entities has presented an industry-wide barrier to innovation. GLEIF is very well positioned to overcome this barrier by extending the LEI as a critical component of the global digital economy. The potential value that will be unlocked by the vLEI is substantial, as it enables government authorities and identity service providers to embrace efficient new digital platforms, create new digital ecosystems and to end the reliance on repetitive manual identity verification steps which account for high annual costs across the global economy.”
Additional GLEIF partner quotes supporting the vLEI
“The use of the LEI for fully distributed verifiable credentials provides a missing capability in distributed identity. The value extends far beyond financial services to e-commerce, trade services, and governmental reporting. The LEI in this way reinforces the value the ISO 17442 standard as the world of organizational identity in the digital world evolves.”
Jim Northey, Chair, ISO TC 68
“Obtaining a vLEI needs to be a core element to every company’s digital transformation strategy. This is especially true with any organization that works with financial and health data. Consumers and partners need to be able to trust and verify the identity of these organizations. We are committed to leveraging the combination of vLEIs, verified credentials standards, and cryptographic key management to drive broad scale adoption of digital identities, profiles, and the BurstIQ secure data network that was purpose built to exchange identity and health data.”
Frank Ricotta, CEO, BurstIQ
“Provenant is delighted to be working with GLEIF to help introduce verifiable Legal Entity Identifiers (vLEI) to the telecom industry. Telecom struggles to consistently identify originators of voice calls and messages, resulting in robocalls and spam. We believe GLEIF's effectiveness as a global root of trust for the financial sector could powerfully address cross-channel, cross-jurisdictional trust challenges faced by the telecom industry. We look forward to working with GLEIF to develop new solutions that utilize GLEIF and the vLEI to bring new levels of trust and verifiability to communications networks globally.”
Randy Warshaw, Founder, Provenant
Full resolution images and logos can be downloaded via this link
1 ‘Verifiable Credential’ is defined by the Worldwide Web Consortium’s Verifiable Credentials Working Group here.
Elisabeth Dean, iseepr
+44 (0) 113 350 1922
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Wistron and Kalray Announce FURIO1200™ Storage Appliance21.1.2021 17:45:00 CET | Press release
Wistron, a leader in ICT (Information and communications technology) products, and Kalray (Paris:ALKAL) (Euronext Growth Paris: ALKAL), a leading provider in new generation of processors specialized in Intelligent Data Processing from Cloud to Edge, announce the availability of FURIO1200™, a 24-Flash-Drive NVMe-oF based storage node appliance, integrating Kalray’s NVMe-oF K200™ smart storage adapter, powered by its MPPA® Coolidge™ intelligent processor, and Wistron LYMMA chassis. FURIO1200™ is a new type of hyper-fast disaggregated storage solution delivering ultra-high throughput and reliability. It is the ideal solution for Cloud Service Providers and Enterprises running applications with intensive AI and Data Analytics workloads as well as to optimize their next generation storage. Data Centers are undergoing a very important revolution due to the explosion of usages, the surge of data to be processed and the exponential growth of the number of machines to be managed to support this
NumAlim Selects Dawex and Orange Business Services for its Data and Services Exchange Platform21.1.2021 17:40:00 CET | Press release
NumAlim announced an agreement with Dawex, the leader in Data Exchange technology, and Orange Business Services, a network-native digital services company, to deploy its agri-food digital exchange platform. By relying on these two leading players, NumAlim chose secure technological solutions guaranteeing the sovereignty of French food data. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210121005722/en/ (Photo: Dawex) As early as Q1 2021, the NumAlim data and services exchange "Hub" will offer 18,000 companies in the food industry the opportunity to valorize, acquire and enrich all types of data: production, consumption, traceability, consumer opinions and research, as well as a wide range of services based on data (trend analysis, reformulation, regulatory watch…). "NumAlim is the answer to the needs for transparency, value creation and trust expressed by the food industry, consumers, and public authorities.” says Jérôme Fr
Andersen Global Strengthens African Platform with Kashadah & Co.21.1.2021 15:30:00 CET | Press release
Andersen Global continues to reinforce its competitive edge in the African region through a Collaboration Agreement with full-service tax firm Kashadah & Co. in Libya. Kashadah & Co., founded in 1974 by Office Managing Partner Abdussalam Kashadah, provides a wide range of services including tax planning, consultation and compliance, assurance and business advisory, social security arrangements, company registration, receivership and liquidation. The Tripoli-based firm’s clients include oil companies, banks and government institutions. “We are delighted for this opportunity to collaborate with like-minded professionals who share our philosophies and vision of delivering best-in-class services with a client-focused approach,” Abdussalam said. “We have a long-standing, working relationship with collaborating firm Jelil Bouraoui & Associates in Tunisia, and look forward to working with the member and collaborating firms in the region and globally.” Andersen Global Chairman and Andersen CEO
Nottinghamshire County Council Renews Support Agreement With Rimini Street for Its Mission-Critical SAP Applications21.1.2021 15:00:00 CET | Press release
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Nottinghamshire County Council (NCC) has renewed its agreement with Rimini Street for Support of its SAP ECC 6.0 and SAP Business Objects software. NCC first switched to Rimini Street in 2017, achieving substantial savings in maintenance fees over the last three years, as well as related savings in avoided upgrades, process efficiencies and customization support, included at no additional charge. At a time of significant strain on public sector budgets, NCC renewed its agreement with Rimini Street to continue to achieve these essential savings as the local authority seeks to drive efficiencies in its back-office IT systems. Additionally, NCC has the reassurance that their software systems will be supported for a guaranteed minimum of 15 years from the time they swi
Alvarez & Marsal Announces 2021 Managing Director Promotions21.1.2021 15:00:00 CET | Press release
Leading global professional services firm Alvarez & Marsal (A&M) has announced the promotion of 37 professionals from across Benelux, Brazil, Germany, India, Italy, Sweden, the United Kingdom and the United States to the position of Managing Director. John Suckow, A&M’s Chief Operating Officer, stated, “For over 37 years, A&M professionals have delivered leadership, action and results to our clients. In this unique and challenging year, our leaders have not wavered, and we have achieved extraordinary professional growth and success. We congratulate all of our newly promoted Managing Directors and applaud their commitment to A&M's core values of integrity, quality, objectivity, fun, personal reward and inclusive diversity.” Brazil Henrique Biscolla, São Paulo Eduardo Gallardo, São Paulo Emerson Santana, São Paulo Corporate Performance Improvement Tres Evans, Dallas Michael Nelson, Chicago Kristin Shelley, Dallas Global Disputes and Investigations Nikki Coles, London Europe - Performance
XClinical to Merge with Carenity and Fortress Medical Systems Forming a New Data Science Company Serving Life Science Markets Worldwide21.1.2021 14:00:00 CET | Press release
XClinical, a leading vendor of eClinical software has announced a merger with France-based Carenity, a social platform supporting patients and caregivers worldwide, and Fortress Medical Systems, the US-based vendor of Clindex®, an integrated CTMS and EDC system. All three companies are long-established, leading providers in their respective markets. The group is financed by German Private Equity firm BID Equity. Together, the three businesses will form a new, innovative data science company, powered by cutting edge technology. The group brings best in class data science and eClinical software solutions together, delivering end-to-end coverage of the clinical development process for their 150+ customers in over 20 countries, including US, Germany, France, UK, Italy, Japan and China. Biopharma, Medical Device as well as Academic sponsors and CROs worldwide will benefit from progressive and cost-efficient solutions such as feasibility studies, Real World Evidence data collection, patient
HempFusion Announces Large-Scale Distribution Agreement with Fullscript.com to Launch Doctor Practitioner Sales Channel21.1.2021 13:01:00 CET | Press release
HempFusion Wellness Inc. (TSX:CBD.U) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that it has entered into a large-scale distribution agreement with Fullscript.com (“Fullscript”), a leading eCommerce platform that allows health professionals to dispense professional-grade natural health products. Fullscript is one of the largest distributors in the category, providing nutritional supplements to over 80,000 practitioners and over 600,000 patients across the United States and Canada. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210121005282/en/ Total Care Daily Probiotic from Biome Research (Photo: Business Wire) This agreement signifies HempFusion’s strategic launch into the doctor practitioner sales channel. HempFusion’s seven Biome Research SKUs will be available to ship from Fullscript distribution centers starting Febr
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom