The Verifiable Legal Entity Identifier (vLEI) is a digital extension of the traditional LEI system designed to provide a secure, digitized, and automated way to authenticate and verify organizational identities. The vLEI operates within the Global Legal Entity Identifier System (GLEIS) and employs verifiable credentials and open standards to establish a trustworthy digital identity for organizations and individuals associated with them.
GLEIF acts as the administrative backbone and governing authority of the vLEI ecosystem. It is responsible for:
* Establishing and enforcing the standards and protocols for the issuance and management of vLEIs.
* Accrediting and monitoring QVIs to ensure compliance with its standards.
* Maintaining the integrity and trustworthiness of the overall system.
* Serving as the "Root of Trust," which means it provides the ultimate source of validation for the identities and credentials issued within the vLEI system.
QVIs are organizations accredited by GLEIF to issue vLEIs to legal entities. Their roles include:
* Verifying the authenticity of the legal entities requesting vLEIs.
* Issuing vLEIs that include digital credentials certifying the identity and role of the entities and their representatives.
* Maintaining records and ensuring that the information linked to each vLEI remains accurate and up-to-date.
* Acting as intermediaries between GLEIF and the legal entities, ensuring that the credentials remain valid and verifiable.
Organizations that participate in the vLEI ecosystem use vLEIs to assert their verified legal identities in digital environments. This includes:
* Obtaining a vLEI from a QVI, which involves providing necessary documentation and information to verify their legal status and identity.
* Using their vLEI in various digital transactions to prove their identity and authority securely and automatically, which can include signing digital contracts, participating in financial transactions, and complying with regulatory requirements.
* Managing and updating their vLEI credentials as changes occur within the organization, such as changes in legal status or representation.
