Singapore, Singapore--(Newsfile Corp. - September 1, 2023) - XDC Trade Network, a complete suite of dApps that aims to redeﬁne the global trade ﬁnance Industry by digitalising trade documents and improving access to capital for SMEs has completed an important milestone as part of efforts to increase compliance in their solution.
This integration is carried out using the GLEIF API, which will provide access to the full LEI (Legal Entity Identiﬁer) Data search engine functionality, including ﬁlters, full-text and single-ﬁeld searches of legal entity and ownership information, and "fuzzy" matching of relevant data ﬁelds such as names and addresses. In addition to LEI reference data, the GLEIF API will also make available further related data, e.g., reference data of LEI issuers, code lists used in LEI records, and mapped identiﬁers like BIC or ISIN codes.
The implementation of the LEI is another milestone for XDC Trade Network. In the space of Trade document digitalisation they recently announced their integration with IMDA's TradeTrust, a utility that helps to enable trusted interoperability of electronic trade documents across digital platforms which meet the requirements of the UNCITRAL MLETR.
"Ensuring proper data standards and compliance are key pillars of our solution, this will ensure the trade participants can peacefully create, endorse, and transfer trade documents. Liquidity providers with better visibility of veriﬁed data can bring in the much-required liquidity to support more trades. This partnership would lower compliance costs and even help prevent documentary fraud," says Sunil Senapati, CEO, XDC Trade Network.
Stephan Wolf, Chief Executive Oﬃcer at GLEIF, comments: "The prioritisation of trust programs will be a key focus for 79% of digitally mature organizations by 2023, according to IDC. A universal approach must be adopted for digitised trust to revolutionize global value chains. I strongly believe that secure and reliable identities are crucial prerequisites for addressing a wide range of challenges that currently hinder trade ﬂows. These challenges include fraud and risk mitigation, sustainability and environmental stewardship, ﬁnancial inclusion, and supply chain eﬃciency. LEI adoption will also serve to make trade ﬁnance a great deal more accessible to SMEs by helping to close the so-called 'trade ﬁnance gap' and would also spur sustainable economic growth."
Established by the Financial Stability Board in June 2014, the Global Legal Entity Identiﬁer Foundation (GLEIF) is a not-for-proﬁt organization created to support the implementation and use of the Legal Entity Identiﬁer (LEI) and its digital counterpart the veriﬁable LEI (vLEI). GLEIF is headquartered in Basel, Switzerland.
GLEIF's mission is to manage a network of global partners to provide trusted services and open, reliable data for unique legal entity identiﬁcation worldwide. GLEIF makes available the technical infrastructure to provide, via an open data license, online access to the full global LEI database free of charge to users. GLEIF is overseen by the Regulatory Oversight Committee, which is made up of representatives of public authorities from across the globe.
Diversity and inclusion underpin GLEIF's values. This is reﬂected in the workforce of approximately 70 staff from over 20 nations, its operational excellence, and its commitment to open, global participation in the Global LEI System.
For more information, visit the GLEIF website at https://www.gleif.org/en.
About XDC Trade Network
XDC Trade Network is a complete suite of dApps on XDC Network that aims to redeﬁne the global trade ﬁnance Industry by enabling digitisation of cross-border trades. Working closely with its partner eco-system partners it promises to deliver Interoperability of MLETR solutions and Funding for trade documents developed on a MLETR compliant solution.
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