About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Briefs

New ISO Standard Extends Use of LEI-Based Digital Identity Tools

Subscribe to our newsletter

A recently published ISO standard, ISO 5009, has the potential to extend the utility and value of Legal Entity Identifier (LEI) based digital identity tools by facilitating the inclusion of ‘official organisational role’ detail within them in a consistent manner. ISO 5009 paves the way for these tools – such as verifiable LEI (vLEI) credentials and digital certificates with embedded LEIs – to become a universally trusted method of digitally confirming the authenticity of people authorised to act on behalf of an organisation.

Published in February 2022, ISO 5009 permits global uniformity of the listing of official organisational roles by jurisdiction in a structured way. This means that roles of persons acting officially on behalf of an organisation may be specified by a legal entity and incorporated into existing and future digital assets leveraging the LEI.

Stephan Wolf, CEO at GLEIF comments: “In business and regulatory exchanges, it is important to confirm the official roles of people acting on behalf of organisations. In a digital context this can be challenging yet uncompromisingly necessary as we move towards creating and sustaining a digital global economy. For this reason, GLEIF has been committed to the realisation of this ISO standard as it is a significant step forward towards addressing that challenge.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Hearing from the Experts: AI Governance Best Practices

The rapid spread of artificial intelligence in the financial industry presents data teams with novel challenges. AI’s ability to harvest and utilize vast amounts of data has raised concerns about the privacy and security of sensitive proprietary data and the ethical and legal use of external information. Robust data governance frameworks provide the guardrails needed...

BLOG

EU’s AI Act Loads Data Responsibilities on Institutions but also Offers Opportunities

Financial institutions are under pressure to put their data estates in order as the European Union’s artificial intelligence regulation comes into force this week, threatening huge fines for failures to observe its tough rules on the safe and fair use of the technology. Nevertheless, the introduction of stringent measures that will place new compliance burdens...

EVENT

Buy AND Build: The Future of Capital Markets Technology

Buy AND Build: The Future of Capital Markets Technology London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Applications of Reference Data to the Middle Office

Increasing volumes and the complexity of reference data in the post-crisis environment have left the middle office struggling to meet the requirements of the current market order. Middle office functions must therefore be robust enough to be able to deal with the spectre of globalisation, an increase in the use of esoteric security types and...