Nord vLEI is now officially the first European Qualified vLEI Issuer (QVI) within the vLEI system by GLEIF. The verifiable Legal Entity Identifier (vLEI) is a new form of digital organizational identity built upon the Global Legal Entity Identifier System (GLEIS). It enables automatic authentication and verification of legal entities globally across a variety of industries.
The vLEI system is based on the Trust over IP Governance metamodel and leverages the ACDC (Authentic Chained Data Container) specification, the KERI (Key Event Receipt Infrastructure) protocol for key management, and the CESR (Composable Event Streaming Representation) capabilities for secure digital signing.
By utilizing verifiable credentials and open standards, the vLEI creates a verifiable link between an organization and its representatives. These digital credentials are not only tamper-resistant but also verifiable in a decentralized manner.
There are two types of vLEI organizational credentials in the vLEI system: the Official Organization Role (OOR) based on ISO 5009 roles and Engagement Context Role (ECR) which are credentials defined by the vLEI holder itself. These credentials are verifiable without manual intervention, enabling automated workflows.
The verifiable Legal Entity Identifier (vLEI) was developed by the Global Legal Entity Foundation (GLEIF). GLEIF is an internationally recognized organization focused on the implementation of the global legal entity identifier system for legal entities known as the Legal Entity Identifier (LEI).
Nord vLEI is a subsidiary of NordLEI, established in 2024, with the focus on the development, management and implementation of Verifiable Legal Entity Identifiers (vLEI).
Nord vLEI builds upon the expertise and reputation of NordLEI which is currently the leading LEI issuer in Scandinavia with more than 165,000 Legal Entity Identifiers (LEIs) issued since 2014.
NordLEI was recognized as the best performing LEI issuer in the Mid-Cap segment by the Global Legal Entity Identifier Foundation (GLEIF) in 2023 and is the world’s 8th largest LEI issuer and a GLEIF accredited Local Operating Unit.
NordLEI’s achievements, including its recognition by GLEIF and its status as the foremost LEI issuer in Scandinavia provide a solid foundation for Nord vLEI to build upon.
Anders Åström, CEO and Co-founder of NordLEI, comments:
“Nord vLEI is proud to lead the way as the first European QVI. The strength of the global economy lies in its transparency and trust. The vLEI enables functional, reliable and ethical interactions on a scale never seen before and significantly reduces the potential for fraud and inefficiencies. As a QVI we will deliver the same quality as we have come to be known for with NordLEI.”
Rickard Israelsson, Co-founder of NordLEI continues:
“Achieving the status as a Qualified vLEI Issuer affirms our vision of being at the forefront of the digital transformation in identification and authentication, something we have been striving for since the inception of NordLEI in 2014. The vLEI makes trustworthy and reliable digital transactions and interactions possible and efficient. It is an honor to be the first QVI in Europe.”
About Legal Entity Identifiers:
The Legal Entity Identifier (LEI) is a 20-character code designed to uniquely identify legal entities participating in financial transactions globally. The LEI system aims to increase transparency within financial data systems and was created in response to the financial crisis of 2007/2008. An LEI is a requirement in many jurisdictions worldwide for entities involved in securities trading.
About the vLEI
The vLEI (Verifiable Legal Entity Identifier) enhances the traditional LEI by incorporating verifiable credentials, enabling digital and decentralized authentication of organizational identities for various activities. It aims to standardize digital identity verification globally, improving transparency and trust in digital transactions. Read more about the vLEI at vlei.com
About GLEIF:
The Global Legal Entity Identifier Foundation is a Swiss non-profit established in June 2014 committed to increasing transparency in international finance. It oversees the LEI system and authorizes Local Operating Units to issue Legal Entity Identifiers (LEIs). It is also the Root of Trust in the vLEI system and qualifies QVIs to issue vLEIs.
About NordLEI:
NordLEI was founded in 2014 and is based in Stockholm. It stands out as a top LEI provider in Northern Europe and the first in Scandinavia with GLEIF accreditation and the first in Europe to become a QVI through its subsidiary Nord vLEI. NordLEI is the leading LEI issuer in Denmark, Norway and Sweden. It is also recognized for its dedication to service quality and security, including ISO 27001 certification. NordLEI is compliant with GDPR standards and operates under the oversight of The Swedish Authority for Privacy Protection (IMY), ensuring rigorous compliance and data protection practices. Read more about NordLEI.
