GLEIF’s verifiable LEI issuer qualification program
The Global Legal Entity Identifier Foundation (GLEIF) has launched its new Verifiable LEI Issuer Qualification Program. This program is designed to help businesses everywhere establish trust with their partners and customers through LEIs (Legal Entity Identifiers). The Verifiable LEI (vLEI) will play a critical role in this process by allowing businesses to verify the identity of their partners and customers automatically.
vLEI is the digital ID for legal entities everywhere
GLEIF has designed a new form of digitised organisational identity to meet the global need for automated authentication and verification of legal entities across various industries. It is called the verifiable LEI (vLEI).
“The pace of digital transformation sweeping through the world’s economies demands that we find an open, commercially neutral, and global solution to the issues of security, convenience, and ease of use that are challenging the field of digital organisational identity. The vLEI is that solution. It has the potential to revolutionise secure identity management across the internet, safeguarding digital engagements and transactions for businesses in every industry,” comments Stephan Wolf, the CEO of GLEIF.
This will help prevent fraud and ensure businesses can conduct their affairs safely and securely. The vLEI is an important step forward in the fight against financial crime and will help make the world safer for businesses and consumers.
The newly published ISO standard, ISO 5009, supports the uniform inclusion of ‘Official Organisational Roles’ in LEI-based digital identity tools by facilitating the inclusion of ‘official organisational role’ detail. The combination of LEIs and official organisational roles within digital ID credentials promotes greater trust in the authenticity of an entity’s authorised representatives, enabling new digital identity management use cases as in GLEIF’s recently announced Annual Report 2021.
vLEI issuer qualification program
The GLEIF is inviting existing and prospective partners to begin the vLEI Issuer qualification process. Once organisations have completed this rigorous evaluation, businesses may obtain vLEI digital identity credentials from these issuers for use in all kinds of domestic or cross-border engagements in which computational trust is required.
Interest in the program from established LEI issuers is already outstanding, and GLEIF will announce the first Qualified vLEI Issuers later in the year.
The vLEI will revolutionise how businesses are conducted in this new era of digital business. Government organisations, businesses, and companies alike can use it for a variety of purposes, from approving transactions down to submitting regulatory filings!