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."
About GLEIF
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.
For more news and information, visit www.xdctrade.network or email Sunil Senapati info@xdctrade.network.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179359
