Global Digital Finance (GDF) announced a partnership with the Global LEI Foundation (GLEIF) for data standardization, which is critical for interoperability between the digital asset ecosystem and traditional finance.
A prime example is the IVMS 101 interVASP data model standard, developed in 2020 by the Joint Working Group on interVASP Messaging Standards, with the support of the Chamber of Digital Commerce, the International Digital Asset Exchange Association (IDAXA), and GDF.
This standard leverages the LEI to identify Originating Intermediary and Beneficiary VASPs, as well as originator and beneficiary legal entities. The integration of the LEI into IVMS 101 illustrates the practical application of the LEI in promoting transparency and trust within digital transactions. It underscores the critical need for standards that bridge the digital asset ecosystem and traditional finance, fostering greater interconnectedness across financial services.
Madeleine Boys, GDF director of Programmes and Innovation, said in a statement: “This partnership with GLEIF is a natural progression in GDF’s ongoing efforts to foster a growing ecosystem of standards within the digital asset industry. GDF serves the digital asset community as an open innovation and standards platform and we welcome the opportunity to partner with industry leaders like GLEIF, to help set and better promote standards that enable a better integrated, efficient and interoperable digital financial system for all market participants.”
Alexandre Kech, CEO at GLEIF, said in a statement: “With the growing digitization of financial services, it is essential to standardize data to enhance interoperability between the digital asset ecosystem and traditional finance. Our partnership with GDF is a significant step towards promoting transparency and trust within digital transactions. Together, we will advocate and accelerate the adoption of best practices for digital assets, ultimately paving the way for a more integrated and efficient financial system for all market participants.”