With business increasingly becoming digital and international, there’s a risk when interacting with overseas business partners. How do you know they are who they say they are? And does the person you’re dealing with have the right to act on behalf of that company?
A global corporate identifier addresses this and already exists in the form of Legal Entity Identifiers (LEIs) that have mainly been used in the financial sector to date. The Global Legal Entity Identifier Foundation (GLEIF) is the umbrella body that delegates responsibility for issuing LEIs to local organizations.
It’s such a pressing issue that it was raised by the OECD and B20 (G20 business) just three months ago when they suggested a Global Value Chain (GVC) Passport.
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