Identity Services provider to support the new global chain of trust where each business worldwide, and its employees, can assert a single, verifiable global identity to improve business efficiency and reduce fraud.
LONDON, UK – 29 March, 2021 – Ubisecure, an issuer of Legal Entity Identifiers (LEIs), has announced support for the Global LEI Foundation’s (GLEIF) verifiable LEI, known as the vLEI. The company will issue vLEI Verifiable Credentials as part of its LEI product portfolio, and help organisations use the vLEI by adding support to its Customer IAM (CIAM) and Identity-as-a-Service (IDaaS) solutions.
The vLEI is a fully digitized LEI service capable of enabling automated identity verification between counterparties, in the form of a Verifiable Credential based on the W3C specification. It is delivered in an agnostic method able to support any of the existing and future self-sovereign identity (SSI) platforms, be they blockchain/distributed ledger based or otherwise. It creates a cryptographically secure chain of trust for organisations and their representatives to securely assert their verified identities, roles and (in conjunction with Ubisecure CIAM platform) rights in digital, automated, identity assurance scenarios.
Counterparties, or relying parties, will be able to consume the vLEI knowing that the information it contains has already been verified by an accredited LEI issuer like Ubisecure, and because it has already been verified, can trust it.
vLEIs will contain only active LEIs and therefore provide up-to-date information on legal status of an entity and ownership structure of an entity. The GLEIF architecture for the vLEI goes a step further to enable verification of persons representing the entity, and their roles within the organisation. Such use cases include onboarding, KYC, business transactions, and regulatory filings.
Paul Tourret, Corporate Development Officer at Ubisecure said, “We share the G20’s vision for the LEI as the single global organisational identifier. We also share the vision that Verifiable Credentials can address a multitude of use cases as people take control of their digital identity. Ubisecure is an Identity-as-a-Service company, and we are committed to help realise the game changing potential of LEI-based Verified Credentials. The vLEI brings the benefits of LEIs to a much wider audience by establishing trust in the identity of who you’re doing business with, whilst at the same time increasing privacy and efficiency. We are excited to begin running pilots to demonstrate the power of asserting LEI-based organisation identity and linking people to verifiable organisations.”
Ubisecure, with its deep expertise in Identity & Access Management, will augment the vLEI organisation role attribute with the person’s approved rights when representing their organisation – a concept Ubisecure calls Representation Governance. Representation Governance is already a mature Ubisecure CIAM (Customer Identity & Access Management) capability based on classical identity concepts and used by several of the company’s telecom and Government customers. The availability of the vLEI will allow Ubisecure to support a global chain of trust where each business worldwide, and its official representatives and employees, can assert a single, verifiable global identity to improve business efficiency and reduce fraud.
The GLEIF has designed the vLEI in accordance with the W3C open standard Verifiable Credentials Data Model and Decentralized Identifier (DID) specification for cryptographically-verifiable identifiers that leverage distributed ledger technology. The vLEI ecosystem will be in full accordance with ToIP (Trust over IP) standards.
Ubisecure has come forward to work with GLEIF and other key industry stakeholders on early vLEI pilots. vLEI and vLEI Pilots will also be available through RapidLEI’s global partner network.
GLEIF CEO, Stephan Wolf said: “Since the launch of the vLEI, we’ve received an overwhelmingly positive response from our Local Operating Units (LOUs), acknowledging the potential it offers for expanding their client base. We are in the process of supporting a range of partners to set up their vLEI pilots and we are pleased that all of GLEIF’s LOU organizations have come forward to take part in this vital stage of the technology’s development. We look forward to working closely with Ubisecure during this pivotal time.”
Ubisecure and its RapidLEI service have been a GLEIF-accredited LEI Issuer since 2018. RapidLEI has quickly established itself as the leader in issuing new LEIs globally, with the company now issuing 1 in 5 new LEIs worldwide. Around 80,000 organisations currently use RapidLEI for LEI issuance and management. Ubisecure has applied as a candidate to be involved in vLEI pilots in 2021 and intends become a qualified vLEI issuer in line with the GLEIF’s qualification timeline in 2022.
- The verifiable LEI (vLEI) is an organisation-based Verifiable Credential that asserts trusted organisation identity and the roles of authorised representatives and employees.
- Ubisecure and its partner network will issue vLEIs. Pre-registration for Pilot Programme opened.
- Ubisecure Identity-as-a-Service (IDaaS) and Customer IAM (CIAM) solutions will support vLEI adoption to help manage employee rights through its Representation Governance capabilities.
- “vLEI brings the LEI to a wider audience,” says Ubisecure.
About Ubisecure and RapidLEI
Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enable enterprises and governments to enhance customer experience, security and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.
Ubisecure LEI: 529900T8BM49AURSDO55