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

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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.”

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