ISIN to LEI mapping

Within the world of hundreds of thousands companies, there are two primary identifiers used in finance. The first one being The International Securities Identification Number, otherwise known as ISIN, second The Legal Entity Identifier known as an LEI. These identifiers have a lot in common, they're both used to increase transparency and made up of alphanumeric digits with check numbers. Continue reading...

GLEIS | Global LEI System

The Global LEI System (GLEIS) was born out of the 2008 Global Financial Crisis (GFC), when it became apparent that there was a greater need for transparency and security. GLEIS ensures straight forward, unambiguous identification of participants in financial transactions. Continue reading...

MiFID regulation | MiFID II LEI

MiFID is the Markets in Financial Instruments Directive. Applicable across the European Union since November 2007. Being a cornerstone of the European Union's regulation of financial markets looking to improve their competitiveness by generating a single market for investment services and activities, and to guarantee a high degree of systematised protection for investors in financial instruments. Continue reading...

vLEI

The initiative behind vLEI

The Global LEI Foundation (GLEIF) is leading the way in implementing an entirely digitised LEI service to enable instant, global, automated identity verification. Having a cryptographically verifiable LEI would optimise processes and strengthen different sectors like healthcare, telecom, financial services and more.

Digital certificates (electronic documents issued by a Certificate Authority) haven’t completely solved the digital identity case. The information contained within is often outdated, and revocation has always been an issue. Furthermore, individual countries often have their own schema, meaning that a digital certificate issued in one country might not be usable by the owner in another country or context. The effect of this came to light during the 2008 global financial crisis. From this grew out the realisations that digital certificates do not facilitate the mission that is by GLEIF, which is to develop a verifiable credential and cryptographically secure chain of trust where each business worldwide should have only one global identity.

GLEIF is now inviting stakeholders from across the global economy to partake in a cross-industry development program to create an ecosystem and credential governance framework and the technical infrastructure for a verifiable LEI (vLEI) – a digitally verifiable credential containing the LEI. The vLEI will create a cryptographically secure chain that puts back the former manual processes required to access and confirm an entity’s LEI data.

“The global LEI system is unique in its capacity to provide regulated and standardised global identities for legal entities everywhere. 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,” said GLEIF CEO Stephan Wolf.
Source: Regulation Asia


Who is it for? 

vLEI will give legal entities, government organisations and organisations worldwide the ability to use non-repudiable identification data pertaining to their legal status, ownership structure and authorised representatives in their business activities. 

The GLEIF architecture for the vLEI goes as far as enabling verifications of persons representing the entity and their roles in the organisation, satisfying the requirements for a Know Your Customer (KYC) process, onboarding, business transactions, and regulatory filings. Therefore brings the convenience of the LEIs to a broader audience by establishing trust in the identity of whom you’re dealing with whilst increasing efficiency and privacy.



The framework behind  vLEI


Ubisecure and its partner network will begin issuing vLEI Verifiable Credentials as a part of their LEI product portfolio and assist organisations in using the vLEI by adding support to its CIAM and IDaaS solutions. The vLEI is a fully digitized LEI service capable of allowing automated identity verification between counterparties based on the W3C specification. With extensibility in mind, it supports any existing and future self-sovereign identity (SSI) platforms, whether blockchain/distributed ledger-based or otherwise.

So the relying parties and counterparties can consume the vLEI knowing that the information contained has previously been verified by an accredited LEI issuer, which makes it trustworthy. vLEI will only contain active LEI codes to provide up-to-date information.

 

Developed using the KERI (Key Event Receipt Infrastructure) protocol, The vLEI infrastructure will be a network-of-networks of real universality and transferability. Supporting the full range of blockchain, SSI and other decentralized key management platforms. vLEIs will be hostable on both ledgers and cloud infrastructure supporting both the decentralization of ledgers and the control and performance of cloud. Portability will enable GLEIF’s vLEI ecosystem to unify all ledger-based ecosystems that support the vLEI.



Who is Ubisecure?


Ubisecure is an accredited LEI issuer (otherwise known as a Legal Operating Unit or LOU). As of the 29th of March, they’ve announced support for the Global LEI Foundation’s (GLEIF) verifiable LEI, called vLEI. Being the number one Customer IAM (CIAM) provider in the Nordics and a leading provider of Identity-as-a-Service (IDaaS) solutions through Europe, Ubisecure’s goal has always been to make the complex identity and security challenges of organisations simpler when building applications.

 



Legal standards

vLEI complies with the W3C open standard Verifiable Credentials Data Model and Decentralized Identifier (DID) specification for cryptographically-verifiable identifiers that leverage distributed ledger technology, as well as Trust over IP (ToIP) standards.

GLEIF | Global Legal Entity Identifier Foundation

GLEIF is uniquely positioned in the entity identification market, agnostic to any particular political and/or commercial interests. The foundations' overhaul is to ensure the operational integrity of the Global LEI System. GLEIF is the one behind continuous improvement of the information available within, and the quality of, the LEI data pool. Continue reading...

Company Autocomplete by LEI Register

The newest addition for optimising user experience being an autocomplete plugin. “Company Autocomplete by LEI Register” is open source software, by enabling this plugin it'll add an autocomplete function to the company name field in your standard Woocommerce checkout form. Continue reading...

Open LEI

Before the widespread adoption of the open LEI system, there were many inefficient, predominantly proprietary identifiers that, more often than not, provided false or outdated information. These shortcomings were a severe problem, particularly in financial markets, where the regulators, banks or other market participants were unable to access valid information about their counterparties. Continue reading...

European Market Infrastructure Regulation | EMIR

European Market Infrastructure Regulation (EMIR) is a European Union regulation for over-the-counter (OTC) derivatives, central counterparties as well as trade repositories first introduced by the EU in 2012 in fulfilment of their commitment at the G20 summit, an international forum for the governments and central bank governors of the European Union and 19 other countries promoting international financial stability. Continue reading...

What is an LEI database?

LEI database has greatly simplified dealing with international clients as there's no need for a time-consuming background check where previously the only information being relied upon was the company's own internet presence and local registry listings; often leading to hours of translating and web browsing with little confidence of the authenticity. Continue reading...

Legal Entity Identifiers in KYC

Legal Entity Identifiers in KYC.fw

KYC is a process of understanding who you do business with and assessing their suitability or risk to your organisation. Banks, insurers, creditors and more are increasingly demanding (thanks to the global drive in KYC regulation) that customers provide due diligence information to ensure they are who they say they are. Continue reading...

Digital Identity Predictions for 2020

A national identity scheme tell us a lot about the state that creates it. Schemes come in many forms with the government taking many roles from identity issuer to regulator. What does 2020 have in store for digital identity? Here’s some of our predictions. Continue reading...

The Future of Cybersecurity – Deloitte

The Future of Cybersecurity - Deloitte.fw

Deloitte publishes its “Future of Cyber Survey” after surveying over 500 C-suite executives with responsibility of cybersecurity in organisations that make at least $500 million in annual revenue. We will review and summarise some of the findings of the survey in this blog. Continue reading...

How to Open a Business Bank Account in the UK

How to Open a Business Bank Account in the UK.fw

Learn how to open a business bank account in the UK. Business banking is just a simple way to manage your business finances, expenses and claims to HMRC. The easier the better when it comes to paying fair taxes and that’s why the UK has a range of offers on the market for businesses who want to open an account in the UK. Continue reading...

Legal Entity Identifiers in Digital Certificates

Legal Entity Identifiers in Digital Certificates.fw

Digital certificates are hugely important in encrypting the internet. Whether it’s for encrypting a website and adding the ‘S’ to HTTPS or it’s encrypting and signing a digital document like a PDF, digital certificates are everywhere. Up until now, they have solved some great security challenges on the internet by encrypting networks and communication channels. However, as we know, encryption is not always enough. Continue reading...

RegTech London – Event Summary

RegTech London

RegTech took place on 3rd October 2019 in St Paul’s London. The event was aimed at exploring how the financial services industry can leverage technology to innovate, cut costs and support regulatory change. St Paul’s saw a culmination of start-ups, technology providers, financial institutions, regulators and practitioners for a day of networking, seminars and collaboration. Continue reading...

Cybersecurity in a Nutshell

cybersecurity

Modern businesses run on data. Unfortunately, our data and networks are more vulnerable than ever. We cannot help but hear the daily news of cyber attacks and the massive problems they create. Even a minor breach creates a significant financial hit for an organization, not to mention the downtime and reputational damage. A major breach can spell disaster. Continue reading...

LEI Register launch free Legal Entity Identifier promotion and introduce new LEI subscription service – FastLEI

FastLEI

Tallinn, Estonia. May 7, 2019 – LEI Register, a leader in the provision and management of Legal Entity Identifiers (LEIs), today announced the launch of its new Legal Entity Identifier FastLEI service to introduce subscription business model advantages to organisations using LEIs. Available for the first time in the LEI industry, subscription advantages include free initial LEI creation periods, automated ongoing data accuracy checks, and predictable recurring monthly fees. Continue reading...

What is LEI-Search

lei-search

LEI-search.info offers the most important information when it comes to Legal Entity Identifier providers. Potential customers can easily find the most suitable LEI code provider based on the LEI code’s price, LEI code’s average processing time, payment methods or the website language. The Legal Entity Identifier’s table is sortable by registration price, renewal price or by the average processing time. Continue reading...

LEI Register and RapidLEI Announce Official Partnership

London, UK and Tallinn, Estonia. January 10, 2019 - LEI Register, a leader in the provision and management of Legal Entity Identifiers (LEIs), and RapidLEI, a fully accredited LEI issuer specialising in the automation of the LEI issuance process, today announced a partnership. LEI Register will offer LEIs issued by RapidLEI, to make the registration of LEIs faster and more accurate for their global customers. Continue reading...