GLEIF (Global Legal Entity Identifier Foundation) Nomination
What is the business/industrial problem they are solving?
Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is tasked to support the implementation and use of the Legal Entity Identifier (LEI). The foundation is backed and overseen by the Regulatory Oversight Committee, representing public authorities from around the globe that have come together to jointly drive forward transparency within the global financial markets. GLEIF is a supra-national not-for-profit organization. GLEIF makes available the Global LEI Index; i.e. the only global online source that provides open, standardized and high quality legal entity reference data. By doing so, GLEIF enables people and businesses to make smarter, less costly and more reliable decisions about who to do business with.
GLEIF is, by its statutes, agnostic to any particular commercial or political interests. GLEIF is uniquely positioned in the entity identification market.
Who are the targeted customers?
GLEIF services ensure the operational integrity of the Global LEI System. GLEIF continuously increases both the information available within, and the quality of, the LEI data pool and makes public access to the information ever easier. To obtain an overview of the services GLEIF provides to the public and to its partners in the Global LEI System, refer to the GLEIF Service Catalog. Thanks to the services provided by GLEIF, the LEI remains the industry standard best suited to providing open and reliable data for unique legal entity identification management.
Please provide evidence of how the nominated company demonstrates contribution to ROI generation and fast time-to-market in Security from the adoption of IoT solutions.
GLEIF obtained the ISO/IEC 20000-1 certification in October 2019. An independent third-party auditing firm performed a rigorous examination of GLEIF‘s Partnership Program Services to the LEI
issuing organizations, known as Local Operating Units (LOUs). ISO 20000, among other benefits, demonstrates how GLEIF’s values are pursued and achieved in terms of efficiency, excellence, flexibility and reliability.
Demonstrate how nominated company contributes to the effective adoption and advancement of IoT solutions by enhancing sustainability in Security practices.
GLEIF manages a network of partners, known as the LEI issuing organizations, to provide trusted services and open, reliable data for unique legal entity identification worldwide.
Following the financial crisis, the goal of the drivers of the LEI initiative – the Group of 20, the Financial Stability Board and many regulators around the world – was to use the LEI to create transparency in the derivatives markets. As demonstrated with the current LEI population, these efforts have generated excellent results. To date, LEIs have been assigned to legal entities based primarily in the U.S. and Europe where regulations require the use of LEIs to uniquely identify counterparties to transactions in regulatory reporting. Public authorities in these jurisdictions rely on the LEI to evaluate risk, take corrective steps and, if required, minimize market abuse and improve the accuracy of financial data.
GLEIF’s position is that broad LEI adoption will also generate significant advantages for the wider business community.
GLEIF endorses and has operationalized the W3C standard for Verifiable Credentials and DiD (decentralized identifiers) – which has become a foundational element of their software platforms and functionality. The Legal Entity Identifier is indeed a functional and valued manifestation of the open standard, VC/DiD tech stack.
How has the nominated company demonstrated an ability to scale its services/offerings in a cost-effective manner to meet the needs of its customers?
The healthcare industry has already begun designing IoT solutions using the LEI as an element of a comprehensive trust protocol (“care-at-home”, remote patient/physiological monitoring, smart-hospital medical device monitoring, etc.). The fintech sector is also advancing the LEI in the adaptation of mobile payments and related transactions among several other dimensions of IoT operations. Many other examples available from GLEIF relative to current usage and industry impact.
Does the nominated company demonstrate the ability to provide secure solutions that protect customer data in compliance with industry regulations?
An immediate use in addition to above is the determination/adjudication of smart contracts, decentralized governance models, and peer-to-peer transactions that make the IoT agile, more secure, and more functional when dealing with highly distributed computational and data science processing. The healthcare industry has already begun designing IoT solutions using the LEI as an element of a comprehensive trust protocol (“care-at-home”, remote patient/physiological monitoring, smart-hospital medical device monitoring, etc.). The fintech sector is also advancing the LEI in the adaptation of mobile payments and related transactions among several other dimensions of IoT operations. Many other examples available from GLEIF relative to current usage and industry impact.
Has your nominated company provided a quality and reliable offering that customers can trust with the ability to provide customer support and technical assistance?
By endorsing and manifesting a functional platform solution that utilizes and delivers referenceable success of established technology standards in methods/models GLEIF has delivered proven value. This value proposition spans legacy/centralized systems and more importantly opens pathways for security, privacy, and trust in the IoT / Edge processing domains. The established digital/decentralized identity component for “legal entities” (organizations/corporations, governments, etc.) is applicable in the IoT given the element of distribution/decentralization inherent in the architectures that pervade the Edge/IoT landscape.
Does the nominated company show the successful use of and deployment of its IoT applications/services in an Security setting?
Please refer to this link (GLEIF web) for an extensive list of use cases – both represented by “in production” systems/commercial applications and in “pending implementation” modes: https://www.gleif.org/en/lei-solutions/regulatory-use-of-the-lei
