For businesses the world over, confidence in digital authenticity is in short supply. Can you be sure that your bank’s website is not an elaborate phishing recreation? Did that e-invoice really come from your business partner? How can you tell? […]

Also, vLEIs will allow for the extension of identity verification of legal entities to include individuals who fill roles of interest within those entities.

The GLEIF introduce the vLEI

Taking the LEI one step further from entity identification to individuals is a huge development for the digital identity industry and one that has been supported by our partners at RapidLEI. We wrote a full blog on the story to explain why vLEIs are important and how we expect they can add value to the industry with some solid examples such as mobile driving licenses and healthcare service delivery.

Throughout the financial inclusion interview series, we caught up with key partners to discuss the launch of GLEIF’s digital business identity initiative in Africa and how it is bringing about greater financial inclusion for African SMEs. Stephan Wolf, CEO of GLEIF, concludes the series by accentuating the immeasurable opportunities and transparency this initiative will bring to the global supply chain Liquid Avatar Technologies’ 

Through the creation of the verifiable Legal Entity Identifier (vLEI), GLEIF has created a universal system of organizational identity that answers this need. The vLEI enables instant and automated business verification for all legal entities and their official representatives

In November 2021, GLEIF partnered with Contour, a global network of banks, corporates and trade partners working together to revolutionize the trade finance industry by removing barriers to entry. The partnership enables the use of Legal Entity Identifiers (LEIs) within Contour’s platform and puts digital identity at the heart of its proposition.

Many areas of production and trade have been digitized, but in the absence of a universal approach to digital networking, siloed systems have been implemented, creating countless ‘digital islands’. Data is still transferred between the participants’ computer systems on printed documents or as unstructured PDFs.

We do not have to look back further than the global economic collapse of 2008 to fully understand the worst-case scenario of unverified legal entities engaging in financial transactions. The LEI was created at the request of the G20 and Financial Stability Board (FSB) in response to this global catastrophe.

Following the launch of GLEIF’s digital business identity initiative designed to bridge the trade finance gap in Africa, we’re catching up with our key partners to hear their thoughts on how the project will bring about greater financial inclusion for SMEs on the continent and beyond.