The opportunity
Addressing identification challenges in a multi-party environment
eBL platforms face significant challenges in party identification due to the complexity of
international trade and the need for secure, reliable, and legally recognised processes.
Different actors in the trade ecosystem often use various regional or sector-specific standards
and protocols, complicating seamless identification, interoperability, and communication.
For eBLs to be legally recognised, the identification processes must meet stringent legal
requirements, ensuring that all parties involved in the endorsement process are accurately
verified and documented in a globally accepted process.
The solution
Enhancing security and reliability through standardised identifiers
WaveBL and TradeGo, two leading eBL platforms, are embedding the use of LEIs and vLEIs to
address these challenges. LEIs are unique identifiers for legal entities participating in financial
transactions, while vLEIs are verifiable, adding an extra layer of security. By pairing platform
digital identifiers with LEI data from the Global Legal Entity Identifier Foundation (GLEIF)
API, both platforms aim to support real-time, standardised, and interoperable identification,
enhancing trust across their networks.
The LEI field is used in the Digital Container Shipping Association (DCSA) and Baltic and
International Maritime Council (BIMCO) eBL standard for shippers, consignees, and notify
parties. Connecting this data on the eBL with the verifiable identity of counterparties adds an
additional layer of assurance for reliable identification of legal entities in transactions on the
platforms.
The impact
Streamlining processes and securing transactions for greater efficiency and trust
The embedding of LEIs and the introduction of vLEIs is expected to significantly enhance the security and reliability of platform digital identifiers and their pairing with LEIs. Organisations
can use vLEIs to prove their identity within the endorsement chain, ensuring that only legitimate representatives can endorse these electronic transferable records. This added layer of verification helps prevent fraud, increases accountability, and improves trust among stakeholders.
A full implementation of LEIs and vLEIs on both WaveBL and TradeGo platforms is expected to yield significant benefits:
- Streamlined onboarding processes: Leveraging GLEIF’s API has streamlined party
registration and network identification, reducing the onboarding process from three days
to three hours. - Eliminating discrepancies: Accurate LEI-based identification of legal entities enhances
trust among stakeholders, including regulatory supervisors. Platform alignment with LEI
records reduces discrepancies by 100%. - Enhanced security and transparency: Greater transparency across the shipping industry
is achieved through the use of globally accepted verification of platform digital identities,
offering a more secure and reliable digital document transfer.
“The integration of LEIs into our platform ensures the accuracy of digital identities, enhancing trust and transparency within our network and sets the stage for platform interoperability. As WaveBL is in search of a globally accepted standard, we have found that the introduction of vLEIs could radically streamline this process by providing a trusted, automated, and universally accepted solution for verifying companies’ digital identities
worldwide.”
Noam Rosenfeld, CEO, WaveBL
