2020-01-15: LEIBOX Blog
LEIBOX enables legal entities with a LEI to securely receive digital post from authorities & government agencies in compliance towards a Paperless Future.
300 million Legal Entities
There are now more than 1,5 million Legal Entity Identifiers (LEIs) issued, as it’s primary companies involved in financial activities in regulated markets, much wider adoption is still about to begin as the utility for LEI codes are evolving. With the expanding utility, the wider use of Legal Entity Identifiers (LEIs) is expected to grow across the global banking sector and towards worldwide legal entities (approx. 300 million entities).
LEI codes & the 2030 Agenda
The Global Goals 2030 for sustainable development inaugurated in 2015 world leaders agreed to 17 goals for a better world by 2030. These goals have the power to address the urgency of climate change and increase efficiency and transparency in the global economy.
The current physical paper post correspondence system is built on an outdated infrastructure inheritance that has low security resulting in unnecessary high fraud rates while being slow, costly and paid for by the climate and the greater economy. The current global postal infrastructure creates a chain reaction of side-effects involved: cutting trees, chemicals, emissions, machinery, packaging followed by countless more logistics, emissions and time-consuming handling and archiving or recycling.
The global LEI system ensures identity for legal entities worldwide, it creates clarity in a world that is becoming more connected and digital to be able to efficiently verify who-is-who doing business.
The barrier to create an Email address is close to none existing since the first Email was sent in 1971 Email identity remains yet unresolved.
To replace physical post with digital post initially the who-is-who of Email identity is crucial for a transition to be able to proceed. In order to verify and validate an Email several procedures need to be performed, such as analyzing historical data on: DNS, mail server clusters, digital fingerprints and tracing the fee transaction origin matching it with the Banks KYC data.
Once an Email identity has been established the possibilities are endless. An Verified Entity Primary Email are the best candidate for Authentication, as SMS are now proven not to be 2FA secure. Further a Verified Email does not only limit to receiving electronic mail from government agencies but also opens up to the possibilities of addressing all nodes in the global LEI community (LEI-to-LEI).
At LEIBOX Organization we envision a future that is Paperless but integrates further in applications and the value chain. Resolving Email Identity enables real digital invoicing with the possibilities to change the financial landscape and the need for cash with clearing, connecting chains of entities invoices eliminates or dramatically reduces the need for cash settlements.