Global solutions for corporate identity: GLEIF and the role of the LEI

7 Eylül 2022

GLEIF is committed to revolutionising the management of corporate identities worldwide. This is reflected in its new brand identity and mission to give every organisation a global identity.

Challenges and opportunities of digital transformation

Companies today need to digitise their processes to remain competitive. Both public and private organisations are accelerating the digitalisation of processes, products and services – even currencies – to achieve efficiency gains, reduce costs and improve the user experience.

Despite the benefits, digital transformation also brings challenges. A digitalised service within a fragmented system can only have a limited impact. In addition, the gap in access to digital services and products is growing, and verifying the identity of business partners is becoming more complex and time-consuming. In this environment, it is increasingly more work for companies to build and maintain trust

GLEIF and LEI: Key to the digital economy

A successful digital transformation requires strategic and real changes in policies, procedures, and infrastructure. According to McKinsey & Company, less than 30% of digital initiatives are successful. A global solution to these global challenges is clearly required.

This is where GLEIF comes in. The organisation was founded after the 2008 financial crisis and regulates using the Legal Entity Identifier (LEI), a unique 20-digit code to identify companies worldwide. The LEI creates transparency and trust by uniquely identifying each organisation.

Advantages of LEI numbers and the role of LEI.net

The introduction of the LEI has significantly improved transparency in the global financial markets. Over two million legal entities worldwide now use an LEI, and more than 200 financial regulators require the use of LEI numbers to combat fraud and financial crime.

LEI.net is a platform that enables the quick and easy registration of LEI numbers. Companies can apply for and manage their LEI number online. LEI.net also provides tools and reminders to ensure that LEI numbers remain current.

GLEIF extends the utility of the LEI in the digital age through technologies such as digital certificates and decentralised identity models. This enables companies to identify themselves and verify the authenticity of their business partners without human intervention.

Conclusion: Global identity for the networked economy

GLEIF continues to pursue the vision of a universal identification standard that promotes transparency and trust in the global economy. With the support of LEI.net and the continuous development of the LEI system, GLEIF helps companies worldwide to successfully shape their digital transformation while ensuring trust and efficiency in their processes.