vLEI – Verifiable Legal Entity Identifier
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Nord vLEI offers a way of verifing digital identites and handling compliance in a more efficient way.
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A illustration that depicts GLEIF's Root of Trust

Why the Verifiable Legal Entity Identifier (vLEI)?

The vLEI offers numerous benefits for organizations, here is a selection

Trustworthy and Cost Efficient

The vLEI addresses both cost and trust issues by leveraging the established Global LEI System to establish a global digital trust framework and adhering to the Zero Trust Architecture principle of “never trust, always verify”.

Authority Delegation

The vLEI enables more efficient management and operational effectiveness within organizations by allowing flexible internal workflow management, including the assignment or transfer of authority.

Authentication

The vLEI system necessitates that each vLEI is backed by an underlying LEI thereby guaranteeing accurate authentication of the entity.
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What is the vLEI?

The vLEI, standing for “Verifiable Legal Entity Identifier,” is a digital and cryptographic evolution of the traditional entity identifier known as LEI. It enables decentralized and automated validation of organizational identities.

vLEI also allows the distribution of credentials that link individuals to formal organizational roles, allowing them to authenticate their identity in various activities from financial transactions to official communications

How the vLEI  works

The vLEI system works by providing digital credentials based on the foundational Legal Entity Identifier (LEI). These credentials are issued and managed by Qualified vLEI Issuers, or QVIs, under the supervision of the Global Legal Entity Identifier Foundation (GLEIF). The vLEI uses Distributed Ledger Technology (DLT) and other decentralized technologies to ensure the security and integrity of the credentials, allowing for reliable verification of organizational identities across different digital platforms.

GLEIF  is the "Root of Trust" in the vLEI  ecosystem


✔ QVIs are the Validators and Issuers

✔ Organizations are the vLEI holders

✔ Individuals linked to the organization's vLEI can verify their authority and association with that organization
A more detailed illustration of GLEIF's Root of Trust. It explains Nord vLEI's role in relationship to GLEIF.
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Verifiable Credential (VCs)

Verifiable Credentials (VCs) are digital certificates that securely verify the identities and roles of legal entities and their representatives. The credentials are digitally signed and tamper-resistant which provides a reliable means of automated authentication.

VCs within the vLEI system serve to establish a standardized and interoperable framework for identity verification across various industries and across borders. They are issued based on the underlying LEI (Legal Entity Identifier), which is a unique identifier already established to create transparency in the connections between financial transactions and corporations globally.

The vLEI credentials extend this concept to include not only the legal entities but also individuals acting in official capacities on behalf of these entities. This allows for a detailed and verified digital representation of both organizational and personal roles, enhancing trust in business transactions. The credentials can be managed throughout their lifecycle, including issuance, renewal, and revocation by accredited organizations known as Qualified vLEI Issuers (QVIs).

Unified Identification and Authentication

vLEI combines identification and verification for organizations and their representatives, facilitating both official and functional roles within the entity.

Roles are verified against one or more public sources or documents provided by the organization.

Authority Delegation

In business-to-business transactions, safeguarding digital identities is imperative for maintaining trust and integrity.

The vLEI enables more efficient management and operational effectiveness within organizations by allowing flexible internal workflow management, including the assignment or transfer of authority.
A illustration depicting that Nord vLEI is the first QVI in Europe.

Nord vLEI  is the first Qualified vLEI Issuer (QVI) in Europe

Nord vLEI is now accredited as an official Qualified vLEI Issuer (QVI) within the verifiable Legal Entity Identifier (vLEI) system. This allows Nord vLEI to issue verified digital credentials that authenticate the identities and roles of legal entities and their representatives. As a QVI, Nord vLEI offers complete management of your vLEI credentials' lifecycle.

vLEI  Credential Roles

vLEI OOR and ECR role-credentials are specific credentials assigned to individuals within an organization that verify their official capacity or function. These roles are a core feature of the broader vLEI framework that enables trust and authentication of legal entities and their representatives in digital interactions.
A illustration that explains the OOR-role.

Official Organizational Role (OOR)

The formally recognized positions within an organization, such as CEO, CFO, or board member are the basis for the Official Organizational Role credential. The vLEI credentials for these roles are issued based on verified organizational documents like board minutes or corporate resolutions, which affirm the individual’s official capacity within the entity.

Engagement Context Role (ECR)

These roles pertain to less formal but functionally significant positions within an organization, such as project managers or department heads. Engagement Context Roles, or ECRs, are typically defined by the organization itself and can vary widely depending on the entity’s internal structure and needs.
A illustration that explains the ECR-role.

News Room

NordLEI Launches New Verifiable Legal Entity Identifier (vLEI) Platform, Nord vLEI

NordLEI Launches New Verifiable Legal Entity Identifier (vLEI) Platform, Nord vLEI
April 23, 2024

Nord vLEI is the first Qualified vLEI Issuer (QVI) in Europe!

Nord vLEI Becomes the First European-based GLEIF Qualified vLEI Issuer
April 16, 2024
Read more news

Frequently asked questions

The vLEI system uses several advanced technologies to ensure secure and verifiable digital identities:
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•  Key Event Receipt Infrastructure (KERI) for decentralized key management.
• Authentic Chained Data Container (ACDC) for creating tamper-resistant digital credentials.
•  Composable Event Streaming Representation (CESR) for secure digital signing.
•  Distributed Ledger Technologies (DLT) and Self-Sovereign Identity (SSI) frameworks to support decentralized identity verification​​​​​​.

Only Qualified vLEI Issuers (QVIs) are able to issue vLEIs to users. Nord vLEI is a QVI. All QVIs must meet strict standards and complete a qualification program established by the Global Legal Entity Identifier Foundation (GLEIF)​​​​.

Qualified vLEI Issuers (QVIs) are organizations that have been certified by GLEIF to issue vLEIs. All QVIs must adhere to strict standards and undergo a rigorous qualification process to ensure they meet the necessary performance and quality requirements. Once qualified, QVIs can issue vLEIs to legal entities and their representatives​​​​.

To date, the only European QVI is Nord vLEI.

The vLEI system uses the Key Event Receipt Infrastructure (KERI) to manage cryptographic keys in a decentralized manner. KERI enables the generation, rotation, and revocation of cryptographic keys, ensuring that each party involved (GLEIF, QVIs, and vLEI holders) maintains full independent control and portability across different systems. This enhances the security and flexibility of the vLEI system​​​​​​.

The Global Legal Entity Identifier Foundation (GLEIF) plays a central role in the vLEI system by:

• Acting as the Root of Trust for the vLEI ecosystem.
• Overseeing the qualification and performance of Qualified vLEI Issuers (QVIs).
• Ensuring the operational integrity and compliance of the vLEI system with international standards.
• Providing the necessary infrastructure and governance framework for the vLEI ecosystem​​​​​​​​.

The Trust over IP (ToIP) Governance Metamodel is a comprehensive framework developed by the Trust over IP Foundation, which is hosted by the Linux Foundation. It provides guidelines and standards for creating digital trust ecosystems. The vLEI Ecosystem Governance Framework is based on the ToIP Governance Metamodel, and defines the operational model, roles, and responsibilities within the vLEI ecosystem​​​​.

The Authentic Chained Data Container (ACDC) specification is a set of standards used in the vLEI system to create tamper-resistant digital credentials. These credentials are capable of decentralized verification, ensuring that the data they contain remains secure and verifiable. The ACDC specification is a key component in establishing the trustworthiness of vLEI credentials​​​​.

The Composable Event Streaming Representation (CESR) in the vLEI system supports secure digital signing. CESR allows for the creation of digital signatures that can be used to sign specific parts of documents, entire documents, or other digital assets. This ensures that the content is verifiable and has not been tampered with, enhancing the security of digital transactions and interactions​​​​​​.

Use cases for vLEI in financial transactions include:
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• Signing corporate documents and contracts.
• Cross border transactions & financing 
• Onboarding customers.
• Managing supply chain transactions.
• Submitting regulatory filings and reports.
• Ensuring compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
• Approving business transactions and financial statements​​​​.

The advantages of using vLEI for regulatory filings include:
• Automated and secure verification of the identities of Legal Entities and their representatives.
• Reduced manual overhead and increased efficiency in data submissions.
• Enhanced accuracy and reliability of regulatory filings.
• Improved compliance with regulatory requirements.
• Streamlined processes for submitting and verifying reports to regulatory authorities​​​​.

The steps involved in obtaining a vLEI are as follows:

‍•Application: An organization applies to a Qualified vLEI Issuer (QVI) like Nord vLEI. 
•Verification: The QVI verifies the organization's identity and the identities of its representatives.
•Issuance: Once verified, the QVI issues the vLEI to the organization and its representatives.
•Credential Management: The organization and its representatives manage their vLEI credentials via Nord vLEI, which can be used for various digital interactions and transactions​​​​​​.