GLEIF to integrate its vLEI into Finternet Lab’s tools

The Global Legal Entity Identifier Foundation (GLEIF) is planning to integrate its verifiable Legal Entity Identifier (vLEI) credentials into Finternet Lab‘s open-source tools.

The two sides have signed a Memorandum of Understanding (MoU) pledging to work on interoperable digital infrastructure and develop real-world use cases of the vLEl across finance, sustainability and supply chains.

GLEIF first introduced its vLEI in 2020 as a digital version of the 20-digit LEI code allowing automated identity verification. Its standard was recently published by the International Organization for Standardization (ISO) while live implementations of the digital organizational identity are due to start later this year.

The organization has been working with a number of institutions to introduce vLEI across the globe. Earlier this month, GLEIF announced it would join the new Mojaloop partner program.

Finternet Lab, on the other hand, is an initiative of the Networks for Humanity Foundation. The organization will provide tools such as UNITS, DeDi frameworks and transaction protocols and plans to work with GLEIF on solving challenges in digital identity, data provenance, and ecosystem interoperability.

“This latest collaboration represents a critical step toward realizing a globally interoperable identity layer that serves both legacy and emerging digital ecosystems,” says Ivan Mortimer-Schutts, global head of vLEI at GLEIF.  “By aligning our vLEI credentials with Finternet’s open-source tools, we are enabling secure, consent-based data sharing that supports innovation, regulatory integrity, and inclusive and sustainable economic growth.”

The two organizations plan to define common standards and governance models through pilots, hackathons and other efforts.

Article Topics

digital company ID  |  digital ID  |  GLEIF  |  KYB  |  Legal Entity Identifier (LEI)  |  verifiable credentials