Corporate digital identity: no silver bullet, but a silver lining

David Leung, Bénédicte Nolens, Douglas Arner and Jon Frost

No 126 in BIS Papers from Bank for International Settlements

Abstract: Corporate digital identity (ID) has the potential to dramatically simplify the identification and verification of companies and to reduce the risks and costs of doing business. It forms a kind of admission ticket for a company to access financial and non-financial services while at the same time enhancing access to information about the company for counterparties, customers, regulators and financial services providers. Provided there is political will, technological innovation and policy can help in several areas to facilitate corporate digital ID and thus enhance overall efficiency, market integrity, financial stability and inclusion. Yet there is no silver bullet that can achieve all these benefits at once. Nor can any single stakeholder drive all the needed changes; corporate registries, banks and other financial institutions, established vendors, emerging regtech firms, and regulators and policymakers all have a role to play. The Legal Entity Identifier (LEI), decentralised identifiers (DIDs) and reforms built on public individual digital ID systems show particular promise, particularly for small and medium-sized enterprises, thereby supporting broader sustainable development, employment and innovation. In this paper, we examine these innovations in corporate digital ID and explore pathways for the future.

Date: 2022 Written 2022-06
ISBN: 978-92-9259-577-7
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.bis.org/publ/bppdf/bispap126.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap126.htm (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bis:bisbps:126

Access Statistics for this book

More books in BIS Papers from Bank for International Settlements Contact information at EDIRC.
Bibliographic data for series maintained by Martin Fessler ().