The Global Legal Entity Identifier Foundation (GLEIF) and Finbridge Global have teamed up to help financial institutions and investors simplify the identity verification of fintech providers.
Finbridge is a global platform that allows users to search, compare, and evaluate fintech companies globally at the product level, simplifying due diligence.
Under the collaboration, Finbridge will use Legal Entity Identifiers (LEIs) to verify fintech companies on its platform, enhancing transparency, security, and accountability.
An LEI is a unique 20-character code assigned to a legal entity, which links to a verified company identity record held in the Global LEI Index, an open data bank.
In addition, Finbridge will provide and manage LEIs for fintechs on its platform through its partnership with LEI Worldwide, a company specialised in issuing and maintaining LEIs.
Finbridge Global CEO and founder Barbara Gottardi said: “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 recognised identity management system that speeds up the establishment of new partnerships, while elevating industry standards.”
According to GLEIF, fintech providers will benefit from an established and trusted verified identity that enhances their credibility and allows them to connect to the wider marketplace.
The LEI simplifies due diligence and procurement for financial institutions and investors, providing clear digital identification of potential fintech partners.
The LEI data maps corporate structures and relationships, providing insights into the interconnections between legal entities.
Also, the data enables accurate assessment of the risks associated with global organisations, said GLEIF.
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 organisations can seize new opportunities while safeguarding their reputations and credibility.”
