International Identity Day: The importance of the Legal Entity Identifier (LEI) in the context of digital identities

30 syyskuun 2024

On International Identity Day on 16 September, we remember how important it is for every person and every company to have a secure and verifiable identity. This day has been celebrated since 2018 to emphasise the importance of identity as a fundamental human right. The choice of date (16.9) symbolically refers to the UN Sustainable Development Goal 16.9, which aims to ensure a legal identity for all people worldwide by 2030 – including the registration of births.

The role of the Legal Entity Identifier (LEI) for companies

In addition to personal identity, companies also need a reliable digital identity. This is where the Legal Entity Identifier (LEI) comes into play. The LEI, also known as the LEI number, is an internationally recognised identification system that enables organisations worldwide to be uniquely identified. Particularly in the global digital economy, the LEI creates trust and transparency in business relationships and fulfils critical regulatory requirements.

The Global Legal Entity Identifier Foundation (GLEIF) plays a crucial role in ensuring that the LEI remains a public good and is accessible worldwide. With the introduction of the verifiable LEI (vLEI), GLEIF is taking a significant step forward. The vLEI, as the digital counterpart to the classic LEI, secures the digital identity of organisations in a networked world.

Why International Identity Day is important

Around 850 million people worldwide still need an official identity, preventing them from accessing essential services. International Identity Day aims to raise awareness of this issue and promote global dialogue to ensure that no one remains invisible due to a lack of identity.

International Identity Day is an opportunity to celebrate the progress made in implementing secure digital identity systems and emphasise the need for safeguards to prevent abuse and identity theft. This is a crucial aspect in the context of digital identities.

The future of digital identity

With the global economy becoming increasingly digitalised, digital identity is becoming increasingly important for both individuals and businesses. The LEI plays a crucial role in developing secure and transparent business processes, and International Identity Day reminds us that personal and organisational identities need to be protected and secured.