Today Ubisecure, the company behind RapidLEI announced its support for verifiable corporate credentials vLEIs. The use of Legal Entity Identifiers (LEIs), a global standard, started in the financial sector in 2014 but is now expanding. LEIs aim to provide legal entities with a unique identity. But vLEIs go several steps further.
The Financial Stability Board created the Global Legal Entity Identifier Foundation (GLEIF) as the umbrella body that delegates responsibility to local organizations such as Ubisecure, which perform LEIs issuance. Four months ago, GLEIF announced it was expanding beyond finance and exploring the use of self-sovereign identity (SSI) solutions for corporates.
Verifiable LEIs can provide numerous benefits. It can enable a company to both provide its identity and verify it. In other words, it can demonstrate it still exists and its legal registration has not been revoked. Additionally, it can share details such as corporate registration, tax identifiers or bank details. But most importantly, it allows a company to confirm a person claiming to act on its behalf is authorized to sign a contract. It introduces the vLEI ‘role credential’ for employees.
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