Nord vLEI has become the first European-based verifiable LEI (vLEI) issuer qualified by the Global Legal Entity Identifier Foundation (GLEIF). Nord vLEI is a subsidiary of NordLEI, the leading LEI issuer in Scandinavia and eighth largest globally, with more than 165,000 LEIs issued since 2014.
The vLEI is a digitised organisational identity that meets global need for automated authentication and verification of legal entities. By wrapping new and existing LEIs in digital credentials that can be verified, the vLEI offers a digitally trustworthy version of the LEI that can be used to verify the identities of legal entities and their authorised representatives across a growing number of automated interactions. 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.
Anders Åström, CEO and co-founder of NordLEI, comments: “The strength of the global economy lies in transparency and trust. The vLEI enables functional, reliable and ethical interactions on a scale never seen before and significantly reduces the potential for fraud and inefficiencies.”
Stephan Wolf, CEO of GLEIF, adds: “Welcoming Nord vLEI as a qualified vLEI issuer marks an important step forward for the vLEI ecosystem, reaffirming our ongoing commitment to developing the supporting infrastructure to establish the vLEI as a fundamental enabler of digital trust across the global economy.”
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