GLEIF to Create Credential Governance Framework for Verifiable LEI
Following a series of 2020 research initiatives, GLEIF has invited stakeholders from across the digital economy to engage in a cross-industry development program to create an ecosystem and credential governance framework, along with the technical supporting infrastructure, for a verifiable Legal Entity Identifier (vLEI), which would be a digitally verifiable credential containing the LEI. The vLEI will extend the Global LEI System to create a fully digitized LEI service that is capable of enabling instant and automated identity verification between counterparties operating across all industry sectors, globally. In addition, in a separate statement, GLEIF announced that J.P. Morgan has become the first Validation Agent in the Global LEI System.
J.P. Morgan and LEI issuer, Business Entity Data B.V. (BED), a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), have together issued the first LEI under the new Validation Agent model, via GMEI Utility service of BED. The Validation Agent Framework, announced by GLEIF, in September 2020, enables financial institutions to improve their customer experience, accelerate client lifecycle management, and reduce costs by using “business-as-usual” know-your-customer and anti-money laundering onboarding procedures to facilitate LEI issuance for their clients.
Finally, GLEIF also published the latest monthly global LEI data quality report. The assessment showed that the number of LEI Issuers achieving required data quality remains stable at over 90%. Even though the number of LEI Issuers achieving expected and excellent data quality slightly declined, a significant improvement has been observed in the number of check failures related to relationship information by 50% since the beginning of the year.
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Keywords: International, Banking, Insurance, Securities, vLei, LEI, GLEIS, JP Morgan, Data Quality Report, Verifiable LEI, GLEIF
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