The Global Legal Entity Identification Foundation has welcomed the Bank of International Settlements’ Committee on Payments and Market Infrastructures’ advocation for use of the Legal Entity Identifier within ISO 20022 payments
The goal of the collaboration is to promote greater transparency in corporate ownership and control in support of safer, faster, and more efficient global payment activities
The initiative is part of an effort to increase requirements from regulators, financial institutions, and supply chain partners for corporations and businesses to report their sustainability performance
The organisation indicates a growing requirement for harmonisation in cross-border trust services in the face of increasing levels of international trade and commerce taking place across digital platforms
The Global Legal Entity Identifier Foundation introduced the Validation Agent Framework to enable regulated institutions to leverage their KYC and AML onboarding procedures and help their clients obtain LEIs
The Foundation is now inviting partners to start the verifiable Legal Entity Identifier (vLEI) Issuer Qualification process, enabling a qualified LEI issuer to serve as the primary point of contact and issuing agency for legal entities seeking a vLEI
The vLEI is a digital version of the LEI, which intends to meet an “urgent need” for automated digital verification of the legal identities of businesses
The framework defines the vLEI operational model and describes how the new ecosystem’s range of vLEI issuing stakeholders will qualify for and perform their roles in the Global LEI System
The group will facilitate communication between GLEIF, CAs and TSPs from across the world, as they collectively aim to coordinate and encourage a global approach to LEI usage across digital identity products