GLEIF extends its digital ID verification solution worldwide

Thursday 10 December 2020 13:22 CET | News

The Global Legal Entity Identifier Foundation (GLEIF) has announced that it will extend the Global LEI System to provide automated ID verification globally.

The system will work across all industry sectors, to create a fully digitised LEI service. GLEIF 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).

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 organisations, companies, and other legal entities worldwide the capacity to use non-repudiable identification data pertaining to their legal status, ownership structure and authorised representatives in 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. 

GLEIF is currently 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 decentralised management propositions are currently being explored.

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Keywords: GLEIF, Legal Entity Identifier, Global LEI System, digital, vLEI, cryptographical, digital identity, open data
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech