Digital identity has created unparalleled opportunities for businesses to trust and be trusted. With this topic extensively covered at Identity Week Europe, Ivan Marin, Business Development Lead at GLEIF, spoke to us about the foundation’s purpose to support the implementation of the Legal Entity Identifier, a leveller for businesses in financial markets to be recognised and operate across borders.
Organisations are able to assess the legitimacy of trading partners based on a verifiable trusted global identity. Marin addresses this issue on a global basis and shares how GLEIF utilises eLEI codes to “identify illegal entities properly and in a consistent way, in all different jurisdictions, across all continents”.
We assess interoperability as a pillar for legal entity identity, as well as the European Digital identity for natural persons; GLEIF’s integration into eIDAS 2.0 and the EU Business Wallet.
“The LEI code is already recognised in the implementing acts in eIDAS 2.0. So we are part of the law. We are an active and recognised part of the law”, Marin says.
GLEIF is actively participating in different consortiums around how to identify legal entities and align LEI and vLEI with these emerging trust frameworks in Europe and globally, particularly those supporting cross-border digital services and trade. Legal entity identity is such a critical missing link in the digitalisation of global supply chains to enable true end-to-end digitalisation of cross-border trade.
