GLEIF and Finbridge Global are setting a new benchmark in identity verification within the FinTech sector.
Established by the Financial Stability Board in June 2014 the Global Legal Entity Identifier Foundation (GLEIF) is a non-profit organisation dedicated to enhancing transparency in the global marketplace by implementing and using the Legal Entity Identifier (LEI). An LEI is a unique ISO-standardized 20-character code assigned to a legal entity.
Each LEI links to a verified company identity record held in the Global LEI Index, an open, globally recognized data bank that is free for all to access. This enables anyone to verify that an organization is indeed who it claims to be.
Finbridge Global operates as a global platform that empowers financial institutions and investors to efficiently search, compare, and evaluate FinTech companies worldwide. The collaboration will see Finbridge Global introduce the Legal Entity Identifier (LEI) to verify the identity of listed fintech providers on the platform, promoting increased transparency, security, and accountability.
The collaboration aims to streamline the due diligence process by integrating LEI into Finbridge Global’s platform via the LEI Worldwide management platform RAMP. This cooperation will facilitate more transparent, secure, and accountable partnerships across the financial services ecosystem, streamlining the identity verification of FinTech providers.
Finbridge Global specializes in providing a platform where financial institutions and investors can identify and assess FinTech companies, thus reducing the complexities involved in due diligence.
The use of LEIs will benefit various stakeholders in the FinTech ecosystem. For FinTech providers, it means gaining a globally recognized identity that boosts their credibility, thus connecting them more quickly to the marketplace. Financial institutions and investors will benefit streamlined due diligence and procurement processes, alongside enhanced capabilities to map corporate structures and assess broader risks.
Additional benefits highlighted include the potential for improved KYC and KYB processes, faster onboarding of new partners, and a higher standard of trust within the industry. This initiative is expected to catalyse broader adoption of FinTech solutions globally while ensuring that organizations can engage confidently and maintain their reputational integrity.
GLEIF CEO Alexandre Kech said, “While the dynamism of the global fintech sector is helping to transform the delivery of financial services, many potential partnerships are inhibited as financial institutions and investors lack the information needed to meet stringent due diligence requirements.
“Integrating the LEI into the Finbridge Global platform addresses this challenge by setting a new standard of trust that accelerates and enhances KYC and KYB processes—promoting faster onboarding and enabling financial institutions and investors to operate with confidence. This is a catalyst for broader fintech adoption worldwide, ensuring all organizations can seize new opportunities while safeguarding their reputations and credibility.”
Barbara Gottardi, CEO and founder of Finbridge Global, comments: “We’re excited to collaborate with GLEIF to address the growing challenges of identity verification and fraud in the financial industry and beyond. By embedding LEIs into our platform, we offer financial institutions and investors a frictionless and instant means of verifying that fintech companies are who they say they are, while preserving data privacy and confidentiality.
“This is a pivotal step toward creating a unified, globally recognized identity management system that speeds up the establishment of new partnerships, while elevating industry standards.”
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