Our mission is to provide unique identifiers for regulated market trading and cross-border transparency and by doing so creating a transparent business environment. We focus on helping our clients register and maintain their LEIs efficiently and easily, leveraging our status as a GLEIF accredited Local Operating Unit to ensure a smooth experience from start to finish.
A decade of LEI
NordLEI was founded in 2014, when the Global LEI System launched. Our growth accelerated in 2017 with the introduction of MiFID II/MiFIR regulations, expanding LEI use in European financial markets. By 2019, we achieved ISO 27001 certification, proving our commitment to information security and providing our clients with increased trust and assurance in the security of their data.
NordLEI became a Local Operating Unit (LOU) in 2021, making it the first such entity in Scandinavia. An LOU is an organization accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue and manage LEIs. Being an LOU allows NordLEI to directly handle LEI registration, renewal, and data validation, which improves efficiency and enhances control over data quality for clients.
In 2023, we received recognition from the Global Legal Entity Identifier Foundation (GLEIF) as the “Best LEI Issuer in the Mid Cap category” while also being the top LEI issuer in the Scandinavian region by volume.
NordLEI goes global
We currently operate in 28 jurisdictions, with a historical focus on Sweden, Norway, and Denmark. This focus has allowed us to build deep expertise in the Nordic regulatory environment, enabling direct retrieval of information from local company registries to validate entity data efficiently. This integration enhances our service quality in these regions.
We also cover major financial hubs in the European Union since 2024, including Germany, France, Luxembourg, and Ireland.
Beyond the EU, we have an emerging presence in Switzerland, the United Kingdom, the United States, and Canada. Our services also extend to key offshore financial centers like the Cayman Islands, Guernsey, Jersey, and the British Virgin Islands. We hold accreditation for fund-related LEI issuance in these regions, offering specialized services to investment entities and beyond.
Digital Identity & the launch of vLEI
In 2024, NordLEI became the first European QVI (Qualified vLEI Issuer). The subsidiary “vLEI by NordLEI” was established to handle the development and implementation of vLEI. This achievement is significant as it positions NordLEI as one of the leaders in digital identity verification in Europe, giving our clients priority access to advanced digital identity solutions. The vLEI is a secure digital evolution of the traditional LEI. It uses advanced cryptographic methods to ensure authenticity and integrity, and is integrated into the ISO 17442-3:2024 standard for LEIs.
Unlike traditional forms of identification, vLEI provides a verifiable digital credential that enables instant and reliable verification. This feature is crucial for processes like KYC and regulatory reporting, reducing manual work and increasing trust in digital transactions. We foresee steady growth in the use of vLEI over the next few years as the demand for instant and reliable verification continues to rise and key players adopt this standard.
Clients in focus
We understand corporate client needs and offer multilingual support and flexible LEI validity options from one to five years. Our high data quality and extensive experience with clients across different countries and industries allow us to provide tailored solutions like bulk registration. Our ISO 27001 certification and full GDPR compliance ensure security and convenience in LEI management.
The future of LEI & vLEI
The use of LEI is set to expand, driven by increased regulatory requirements worldwide. LEIs are becoming mandatory in more areas, including financial transaction reporting, AML compliance, supply chain transparency, cross-border payments, tax compliance, and onboarding in financial services. For example, the Australian Securities and Investments Commission (ASIC) has proposed new requirements for LEIs starting in 2024 to enhance data quality and reliability. Similarly, the U.S. Financial Crimes Enforcement Network (FinCEN) is pushing for beneficial ownership disclosure, making LEIs crucial for AML efforts. Additionally, from November 2024, the Bank of England will mandate the use of LEIs for CHAPS payments between financial institutions, with plans to gradually extend this requirement to all participants.
NordLEI aims to leverage these new opportunities as LEI use expands into emerging sectors. As new use cases emerge each year, NordLEI is committed to supporting new customers by providing reliable and efficient LEI and vLEI services.
Following vLEI’s inclusion in ISO 17442-3:2024, additional use cases are expected in 2025 as it offers a global, independent solution for reliable corporate identity management. These include instant digital verification, strengthened compliance processes, improved operational efficiency, and enhanced regulatory reporting across various industries.
As NordLEI enters its second decade, we are committed to innovating and expanding our services, aiming to support a growing number of clients with their LEI and vLEI requirements.
