{"id":8645,"date":"2025-01-20T12:11:49","date_gmt":"2025-01-20T11:11:49","guid":{"rendered":"https:\/\/lei.net\/?p=8645"},"modified":"2025-01-20T12:11:50","modified_gmt":"2025-01-20T11:11:50","slug":"lei-the-revolution-of-digital-identification-in-international-business","status":"publish","type":"post","link":"https:\/\/lei.net\/hu\/news\/lei-the-revolution-of-digital-identification-in-international-business\/","title":{"rendered":"LEI: The revolution of digital identification in international business"},"content":{"rendered":"\n<p>The world of international trade and financial markets is on the brink of a new era, fuelled by the Legal Entity Identifier (LEI). Initially developed for reporting OTC derivatives transactions, the LEI has evolved into a versatile tool that promotes transparency and efficiency across numerous industries. According to Alexandre Kech, CEO of GLEIF, the next generation of the LEI, the Verifiable Legal Entity Identifier (vLEI), opens up revolutionary new application possibilities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>From origin to diversity: the LEI in transition<\/strong><\/h2>\n\n\n\n<p>The LEI was created to facilitate the identification of counterparties in OTC derivatives. Today, its field of application extends far beyond this:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">payment transactions:<\/h3>\n\n\n\n<p>The LEI uniquely identifies companies, even if they are named differently in different systems. This reduces errors, speeds up cross-border transactions, and lowers costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">trade finance:<\/h3>\n\n\n\n<p>By standardising documents along the supply chain, all companies involved can be identified transparently and efficiently.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ESG reporting and compliance:<\/h3>\n\n\n\n<p>The LEI supports companies in complying with environmental, social and governance requirements by revealing links to subsidiaries and preventing money laundering.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The future: vLEI and digital authentication<\/strong><\/h2>\n\n\n\n<p>With the vLEI, digital identification goes one step further. This extension of the LEI system enables the identification of companies and the authentication of authorised persons such as CEOs or CFOs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Practical example:<\/h3>\n\n\n\n<p>A pilot project by the  <strong><em><a href=\"https:\/\/www.eba.europa.eu\/homepage\">EU Banking Authority<\/a><\/em><\/strong>  (EBA) showed how vLEI is used as a secure login. Authorised employees could create digital signatures, which significantly increases the security and efficiency of communication.<\/p>\n\n\n\n<p>Alexandre Kech describes vLEI as the &#8216;next generation of secure digital signatures&#8217;. This technology will play a decisive role, especially for platforms with high-security requirements, such as trade finance or digital payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Regulatory framework and market opportunities<\/strong><\/h2>\n\n\n\n<p>New regulations such as  <strong><em><a href=\"https:\/\/www.eiopa.europa.eu\/digital-operational-resilience-act-dora_en\">DORA<\/a><\/em><\/strong>  (cyber resilience) and  <strong><em><a href=\"https:\/\/www.esma.europa.eu\/esmas-activities\/digital-finance-and-innovation\/markets-crypto-assets-regulation-mica\">MICA<\/a><\/em><\/strong>  (crypto assets) will further increase the LEI&#8217;s relevance. Although these regulations allow for alternatives, GLEIF focuses on making the LEI so attractive through expanded applications that companies will use it voluntarily.<\/p>\n\n\n\n<p>&#8216;Our aim is for companies not only to have an LEI but also to integrate it into their business processes actively,&#8217; emphasises Kech.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion: The LEI as a driving force for digitalisation<\/strong><\/h2>\n\n\n\n<p>The Legal Entity Identifier and its revolutionary successor, the vLEI, are more than regulatory tools. They are key technologies that promote transparency, trust and efficiency in a networked world.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world of international trade and financial markets is on the brink of a new era, fuelled by the Legal Entity Identifier (LEI). Initially developed for reporting OTC derivatives transactions, the LEI has evolved into a versatile tool that promotes transparency and efficiency across numerous industries. According to Alexandre Kech, CEO of GLEIF, the next [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8645","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LEI: The revolution of digital identification in international business - LEI.net<\/title>\n<meta name=\"description\" content=\"The world of international trade and financial markets is on the brink of a new era, fuelled by the Legal Entity Identifier (LEI). Initially developed for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lei.net\/hu\/wp-json\/wp\/v2\/posts\/8645\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LEI: The revolution of digital identification in international business - LEI.net\" \/>\n<meta property=\"og:description\" content=\"The world of international trade and financial markets is on the brink of a new era, fuelled by the Legal Entity Identifier (LEI). 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