I’m excited to share the new groundbreaking report by GLEIF, World Trade Board (World Trade Symposium), ICC United Kingdom, and the Centre for Digital Trade & Innovation sheds light on the transformative potential of Legal Entity Identifiers (LEIs) in global trade. Here's why it matters:
💰 Cost Savings: Imagine saving billions in annual efficiency savings by reducing information and transaction costs, a significant leap towards economic optimization with Legal Entity Identifiers (LEIs).
📉 Historical Roots: Established by the G20 after the financial crisis, LEIs are designed to enhance transparency across global supply chains.
🚀 Actionable Insights: The report lays out a strategic roadmap for the widespread adoption of LEIs, emphasizing the urgent need for incorporation into existing systems, raising awareness, and mandating use in public procurement.
🌐 Digital Trade Facilitation: With trade digitization accelerating, LEIs stand out as a foundational block for automating customs processes, simplifying trade finance access, and securing the trade ecosystem.
This report calls for policymakers, businesses, and trade organizations to embrace LEIs for a more transparent, efficient, and secure global trade environment.
Dive into the report for a deeper understanding and be part of the change.
#DigitalIdentity #LEI #vLEI #TradeInnovation #GlobalTrade #EconomicEfficiency https://lnkd.in/ePtnzmCC
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We are thrilled to announce the launch of the new ICC United Kingdom/Centre for Digital Trade & Innovation report “Scaling the use of digital identities in trade” in collaboration with the World Trade Board (WTB) and Global Legal Entity Identifier Foundation (GLEIF).
View the report here: https://lnkd.in/dbf6vdJs
The report is a wakeup call to governments and industry. National and proprietary identity schemes will not solve the need for a cross border, trusted common identity solution. This report confirms that company adoption is low to non-existent despite all the benefits that LEIs offer. Now is the time to scale up adoption to provide a common identity framework for trade across the public and private sectors as we all transition to a fully paperless trading system. A common identity framework is a foundational component to the future of digital trade – interoperable laws, standards and identity, supported by a global reliable systems framework and open protocols for trade. This is what will help us build trust and security into future trade.
LEIs present immense opportunities for enhancing transparency, streamlining business processes, and reducing operational costs throughout the global supply chain. Despite clear evidence of the benefits, the adoption of LEIs will not happen unless governments take a more proactive approach. That can be achieved by governments linking national identity schemes to the LEI and for commercial providers to do the same including building LEIs into systems solutions. Education and awareness raising is also critical. Whilst financial institutions are familiar with LEIs, most companies do not know what they are which is a major barrier to adoption.
Carrying on as we are will not solve the problem. This report is a validation of that. A change in thinking is needed with a greater focus on a global identity framework that works in a cross border trade environment, where we all benefit. The report is intended to put a focus on this issues and instigate more debate, to move us away from creating more identity schemes and more towards adopting a common framework, recognised by regulators and government worldwide. The LEI is the only solution that provides this solution. The UK, as a global champion of trade digitalisation, has a golden opportunity to take a lead and demonstrate how to more effectively utilise LEIs to underpin the future of trade.
A sincere thank you to all the contributors who shaped this invaluable report.
International Chamber of Commerce Global Legal Entity Identifier Foundation (GLEIF)International Economics Consulting Ltd Paul Baker Stephan Wolf Clare Rowley Nuria Vegas Ines Gensinger Michael Vrontamitis Shannon Manders Oswald Kuyler Mohan Ramaswamy Ramaswamy Iyer Jorge V. Abdul Rahman Chehab
#ICC #C4DTI #LEI #legalidentifiers #gleif #InternationalTrade #Saynotopaper #Trade #Digitaltrade #Finance #Paperless #digitalisation
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Scaling the use of digital identities in trade - ICC United Kingdom
iccwbo.uk
Senior Counsel at J.R. Simplot Company
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