How the Legal Entity Identifier supports the digitisation of business transactions

Stephan Wolf
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Stephan Wolf: Chief Executive Officer, Global Legal Entity Identifier Foundation, Germany

Journal of Payments Strategy & Systems, 2022, vol. 16, issue 2, 148-159

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 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2022:v:16:i:2:p:148-159

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