Category: Blog

By using secure credentials and open standards, the vLEI creates a verifiable link between an organization and its representatives. These digital credentials are not only tamper-resistant but also verifiable in a decentralized manner, providing an ideal foundation on which to establish a secure chain of trust with GLEIF at the root.

The Global Legal Entity Identifier Foundation (GLEIF) and vLEI By NordLEI today announce that vLEI By NordLEI has become the first Europeanbased Qualified vLEI Issuer (QVI) within the verifiable Legal Entity Identifier (vLEI) ecosystem. vLEI By NordLEI is a subsidiary of NordLEI, the leading LEI issuer in Scandinavia and eighth largest globally, with more than 165,000 LEIs issued since 2014.

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The vLEI is a new form of digitized organizational identity that meets the global need for automated authentication and verification of legal entities across a variety of industries. By wrapping new and existing LEIs in digital credentials that can be verified, the vLEI offers a digitally trustworthy version of the LEI which can be used to verify the identities of legal entities and their authorized representatives across a rapidly growing number of automated interactions. The vLEI can be used as a signing tool for corporate, digital identity and persons with delegated signing authority rights. Using the vLEI, government organizations, companies, and all legal entities will be able to confirm ownership structures and authorized representations in a growing number of digital business activities. Examples of known use cases include approving business transactions and contracts, onboarding customers, transacting within import/export and supply chain business networks, and submitting regulatory filings and reports.

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The vLEI ecosystem utilizes the existing Global LEI System as the only open, standardized, and regulatory-endorsed system for legal entity identification. It is based on the Trust over IP Governance metamodel and leverages open standards including the ACDC (Authentic Chained Data Container) specification, the KERI (Key Event Receipt Infrastructure) protocol for key management, and the CESR (Composable Event Streaming Representation) capabilities for secure digital signing.

NordLEI, a leading figure in issuing Legal Entity Identifiers (LEIs) across Northern Europe, proudly announces the launch of its vLEI-targeted platform: vLEI By NordLEI. vLEI By NordLEI is a GLEIF QVI candidate, and the vLEI marks a significant advancement in the digital identification of legal entities engaged in financial transactions. NordLEI positions itself at the forefront of the digital transformation of the LEI industry with the introduction of vLEI By NordLEI. When the vLEI system goes live later this year it will offer a verifiable, secure, and efficient solution for legal entities worldwide to verify the identities of both entities and natural persons representing entities in official roles.

The Legal Entity Identifier (LEI) is a well-known tool for identifying legal entities involved in financial transactions. The introduction of the verifiable LEI (vLEI) by GLEIF is set to revolutionize this space by offering a digital and cryptographic advancement over the traditional LEI. The vLEI system will allow for decentralized and automated validation of organizational identities, enabling entities to securely authenticate their identity across a range of activities, from financial dealings to official communications and reports. This move towards a more digitized, secure, and transparent system underscores the evolving needs of the modern digital ecosystem.