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How the Legal Entity Identifier supports the digitisation of business transactions
Journal of Payments Strategy & Systems,
16
(2),
148-159
(2022)
Abstract
This paper reviews the global market conditions together with the commercial and technical drivers that have created the need for a globally interoperable form of digital identity for legal entities. It recounts the role the Global Legal Entity Identifier (LEI) System is already playing in enabling the clear and unambiguous identification of legal entities for all stakeholders globally, and presents examples of how the LEI is already being leveraged by public authorities in payments use cases around the world. The paper also explores the technical model underpinning the Global Legal Entity Identifier Foundation’s new form of digital organisational identity — the verifiable LEI — before exploring how this can bring new value to the payments industry globally.
Keywords: LEI; self-sovereign identity; legal entity payments; digital identity; cross-border transactions
The full article is available to subscribers to the journal.
Author's Biography
Stephan Wolf is the Chief Executive Officer of the Global Legal Entity Identifier Foundation. He has extensive experience in establishing data operations and global implementation strategies and has driven the advancement of key business and product development strategies throughout his career. His experience includes a three-year tenure as Co-convener of the International Organization for Standardization Technical Committee 68 FinTech Technical Advisory Group. Mr Wolf holds a degree in business administration from J. W. Goethe University, Frankfurt am Main.
