GLEIF Supports Development of Cross-Border Organizational Trust Services Mutually Recognized by Japan and Europe

Standardized entity identifiers (LEIs) in eSeals allow Japanese and European organizations to transact digitally with greater trust in counterpart authenticity

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A proof-of-concept initiated by the Global Legal Entity Identifier Foundation (GLEIF) has demonstrated that embedding the Legal Entity Identifier (LEI) within eSeals brings significant international interoperability and enhanced trust advantages. The initiative was undertaken to support a Japanese consortium program which aims to develop entity-level trust services that are mutually recognizable by Japanese and European organizations.

Japanese participants in the proof-of-concept, included: Hitachi, Ltd.; Secom Trust Systems Co., Ltd.; Seiko Solutions Co., Ltd.; Keio University; TEIKOKU DATABANK, LTD. European-based participants included: GLEIF; InfoCert S.p.A.; and Société Internationale de Télécommunications Aéronautique.

Beyond eIDAS regulations and the European Union members states they apply to, there is no international uniformity in eSeal format or requirements. eSeals are electronic signatures associated with legal entities. As a result, there is no mutually recognized way for an eSeal recipient to verify the authenticity of a sender’s identity beyond national borders. Yet there is a growing requirement for harmonization in cross-border trust services to support an ever-increasing level of international trade and commerce taking place across digital platforms. The value of import / export transactions between Japan and the European Union in 2021 was approximately 14 trillion yen.

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