The Global Legal Entity Identifier Foundation (GLEIF) works with data standards to ensure that the Legal Entity Identifier (LEI) is reliable worldwide. The GLEIF recently published an explainer summarizing the importance of standardization in ensuring that the LEI consists of quality identity data.
For GLEIF, data standardization is crucial because it enables the efficient and accurate exchange of business identity information, no matter where the company resides or does business. GLEIF harmonizes data collected by using global standards for identity data, like reference data connected to the LEI. The LEI data is collected from various sources globally, but standardization is critical for maintaining consistency in a global database.
Standardized data ensures reliability and comparability across jurisdictions, industries, and organizations. Using common data formats ensures that the data in the LEI System is consistent, accurate, and up-to-date. This improves the data quality and makes it easier for stakeholders to use and trust.
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