Top 5 reasons to get a Legal Entity Identifier

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The LEI has become established as the standardised code to identify who is who, and who owns whom in the world.

The Legal Entity Identifier (LEI) is a unique global identifier of legal entities that participate in financial transactions – whether entities are individuals, companies or government bodies. Used in reporting to financial regulators, LEIs are a requirement for all financial companies.

With almost 1.6 million organisations now with LEIs, the global identifier has become established as the standardised code to identify who is who, and who owns whom.

Below are some of the key reasons your organisation should register an LEI – sooner, rather than later:

Reason 1: International recognition

As your global identifier, the LEI code allows you to be recognised as a legal entity internationally. It is a standardised organisation identifier that is endorsed by the G20 and Financial Stability Board, and regulated by the Global LEI Foundation (GLEIF).

A live reference to your organisation’s identity record (see Ubisecure’s LEI record), the LEI is just as important as other organisation identity attributes, such as your local business registry company number, VAT number, domains, etc.

The LEI is an essential identifier for enabling cross border transactions, and also greatly enhances your organisation’s credibility, both locally and globally.

Already widely supported, with a 1.5 million-strong install base, LEI issuance is growing rapidly.

Reason 2: Compliance

There are many regulations that mandate the use of LEIs (see latest Regulations), with non-compliance inhibiting transactions and leaving organisation’s open to the risk of getting fines.

With new regulations demanding the use of LEIs going live every month, it is to your advantage to be prepared and obtain a LEI in advance.

Reason 3: KYC processes

The LEI code is widely used for Know Your Customer (KYC) processes. Make sure your organisation is recognised as a credible LEI holder.

Extensive vendor networks (see GLEIF vendor stakeholder network) already rely on LEI for KYC, B2B onboarding and to refresh client identity data.

The use of LEIs is well researched as a tool for cost saving in KYC/onboarding in the banking sector (See the GLEIF ebook).

LEI is the primary connector between all regional and private sector identifiers. By connecting multiple sources and formats of identity, it is possible to conclude a more trustworthy identity assertion.

The LEI is formed using a standardised, consistent identity data reference schema that includes Entity Legal Forms (ELF) codes (Ltd, GmbH, etc). The unambiguous ELF data provides an improved user experience by categorising legal entities, providing clear insight into the global marketplace.

Reason 4: Total trust

LEI records contain a powerful set of identity data attributes, helping improve trust in who you are, both in the physical world and in the online world.

Both humans and machines can verify the LEI. The GLEIF database of issued LEIs is open and searchable via its web interface, full dataset download, or API.

The LEI must be renewed annually to remain active, and renewal requires revalidation of corporate details.

The LEI can be readily updated at no cost to the holding organisation and can always represent accurate organisation identity. It is not necessary for a new code to be issued should corporate details change.

The LEI is the only identifier to connect parent and children organisations publicly. Known as Level 2 data, LEIs provide transparency into the “who owns whom” aspect of organisation identity.

LEIs can list multiple “Doing Business As” names and previously incorporated names, giving a historical audit trail to counterparties.

LEIs support multiple languages for names and addresses. Local language support provides a better localised understanding of, and reliance upon, identity data.

The data quality of the LEI system is open and transparent. LEI reference data can be challenged. A defined, publicly accessible process exists within the ecosystem to openly challenge identity data if a counterparty believes it to be inaccurate.

Reason 5: Security & brand protection

Because your LEI code will be used by numerous other applications, you can enhance security and brand protection by obtaining one.

It is becoming commonplace to report your LEI on websites; contained in web pages, press releases, site seals, QR codes, bar codes, and more.

LEIs are already supported by XBRL (the open international standard for digital business reporting). Both human-readable and machine-readable LEIs can be embedded in critical XBRL documents, such as annual reports and financial statements, as the standardised organisation identifier.

LEIs will soon be included in the new ISO payment standards as the organisation identifier in SWIFT transactions.

The implementation of LEIs into digital certificates will soon be standardised through the draft ISO 17442-2 and ETSI TS 119 412-1; delivering digital signing and workflow solutions that embed the LEI into the digital signatures.

If you haven’t already, head over to RapidLEI to get an LEI today. With our automated issuance, you can have a registered LEI code in just a few minutes.

[REFERENCES]  

  1. Wikipedia – Legal Entity Identifier
  2. Ubisecure – 5 Reasons to get an LEI Number
  3. Ubisecure – “Now is the appropriate time for the payment industry to begin its adoption of the LEI,” says SWIFT

Airtight security introduced for airline boarding passes

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airport-1515431Because airline boarding passes can be issued up to 24 hours before a flight departs, and due to security gaps in existing boarding pass technology, fraudsters with even limited technical know-how could tamper with and gain access to the information they contain.

The problem

While measures around privacy and security within the air transportation industry have remained largely unchanged over the years, fraudsters’ modi operandi have not. In fact, fraudsters have become more sophisticated with the rise of digital and the proliferation of data – putting both airlines and their passengers, today more than ever, at significant risk.

Airline boarding passes, in particular, have seen numerous systems put in place over the past decade, to help authorities and airline officials identify fake boarding passes, with most of these relying on advanced printing techniques.

The bar-coded boarding pass (BCBP) became widely available in 2010 and comprises a 2-dimensional (2D) bar code printed on a paper boarding pass or sent to a mobile phone for electronic boarding passes (e-boarding passes).

The BCBP standard was originally published in 2005 by the body responsible for global standards for airlines’ safety and security, the International Air Transport Association (IATA), which updated it in 2008 to include symbologies for mobile phones, and again a year later to include a field for digital signatures in mobile bar codes.

While the move to BCBP has made travelling more convenient, in many instances, for travellers who are able to use mobile boarding passes, the technology behind it has not eliminated the risk of ticket fraud or identity theft, because data is not encrypted.

Not only does unencrypted travel material leave it susceptible to being tampered with and being used unlawfully and dangerously, it also leaves passengers wide open to identity fraud, given that airline tickets contain a great deal of personally identifiable information (PII).

SigniFlow Americas CEO, Laila Robak, explains: “Besides the risks involved with ticket fraud, even companies that apply digital signatures to its boarding tickets do so only from a ticket integrity point of view. However, there is still unencrypted data within those tickets, and anyone with access to the bar code has access to the passengers’ data, creating a risk of identity fraud, which is certainly a security and compliance concern.”

The solution

With a team of cryptographic experts and experienced engineers behind it, the SigniFlow solution, which operates in a cryptographic signing environment, is a natural fit to build, develop and enhance the available technology behind boarding passes, and to irrevocably seal the data they contain.

According to IATA’s BCBP Implementation Guide, which outlines the existing barcoded boarding pass solution: “Bar Code on Printed Boarding Pass: the default Bar Code presented on printed boarding pass is a 2-dimensional Bar Code in PDF417 standard containing a structure data message (SDM). On the request from the Airlines version 7 extend the standards to allow Aztec, Datamatrix or QR code formats on printed boarding pass those formats are currently used on Electronic (Mobile) Boarding Pass only.”

SigniFlow Director of Development Eugene Smit explains: “SigniFlow’s microservice architecture allows for signing, encrypting and verifying data on all boarding passes, enabling the generation of datastreams, signature streams or image-based bar codes, such as Aztec, QR, PDF417 and Datamatrix.

“The system produced by SigniFlow, allows a ticket\pass generator to issue a unique private key for the signer, using our microservices, and the signer is then able to sign any datastream, and use complimentary methods to produce bar codes of the data.”

SigniFlow offers two solutions, both of which extend on and secure existing boarding pass technology:

  • The Full Package solution: SigniFlow integrates with the airline’s existing system. When passenger data is inputted, SigniFlow collects the data string, creates the 2D bar code (Aztec, PDF417, QR, Datamatrix), embeds the data string, then encrypts and signs with an ECC (Elliptic Curve Cryptography) certificate, after which it is sent back to the airline for the boarding ticket.
  • Data string encryption & signing: In this case, the airline continues to use its current 2D bar code generation system, and SigniFlow integrates via API to collect passengers’ data, encrypt and sign the string, and then send it back to the airline, which will embed it in the bar code.

Either way, explains Robak, the idea is to provide not only the required digital signature itself, but also encryption of the data, so that only electronic devices – terminals and readers – will have the ability to recognize authenticity, and to decipher the embedded data.

“We also provide the instruction and processes to the certified authorities for access to the public key through either a key distribution to its devices, in case of no network connectivity, or the public key to be included in their key store system where devices can access it and recognize/decode the data.”

The differentiator

Not only is the SigniFlow solution steeped in cryptography, which eliminates tampering and identity theft risks altogether, it also offers seamless integration into companies’ systems.

Because the solution allows companies to add security component to tickets without having to replace their existing systems, but rather by simply adding a new security module, it is simple and safe, and SigniFlow enables them to be compliant with several industry, national and international standards.

“Stronger policies in national security have been enforced in many countries and companies that issue tickets, whether for air travelling, other transportation methods or entertainment, also need to comply with data privacy standards, such as the GDPR. By using our solution they can target both,” says Robak.

How it works

  • Secure cloud HSM where the keys are stored
  • SigniFlow Hybrid server deployed within client control
  • Signing request issues to the SigniFlow Hybrid server
  • Verification Requests issued to the cloud HSM or to a centralized public key store

There are two main Public Key Encryption algorithms: RSA (Rivest–Shamir–Adleman) and ECC (Elliptical Curve Cryptography). While SigniFlow is compatible with both, the ECC certificate has been specifically identified by the IATA for boarding pass signing requirements.

ECC is, in simple terms, an encryption algorithm with higher capacity and lighter weight than the RSA encryption algorithm, which means you need less bits to for stronger keys. Because the keys are smaller, it means it needs less processing, leading to better efficiency and lighter “documents”. For example, the most commonly used RSA encryption algorithm size is the 2048 bit keys, which is the equivalent in security and strength to a 224 bit ECC key.

To find out more about SigniFlow’s cryptography-based solutions, visit www.signiflow.com or contact us on the relevant number below:

International Contact Centre: 002710 300 4899

South Africa: +27(0)11-516-9403

Americas: +1-603-717-4248

United Kingdom: +44(0)208-611-2681

 

[REFERENCES]

  1. IATA – Technical Peripheral Specifications
  2. US Department of Homeland Security – Credential Authentication Technology/Boarding Pass Scanning Technology
  3. IATA – Airlines Complete Move to Bar-Coded Boarding Passes
  4. IATA – Passenger Services Conference Resolutions Manual
  5. Red Goat – The Not-So-Secret Life of Boarding Passes
  6. Tech Target – Personally Identifiable Information
  7. Wikipedia – Boarding Pass
  8. com – Ticketprinting.com Security Features
  9. Wandera – Are Airlines Putting Your Data at Risk?

Delta State tackles land ownership with SA tech

itologo

Published by IT-Online on 29 June 2016

 

Nigeria’s oil and agricultural producing state Delta State makes a major breakthrough in land title acquisition using new digital signature technology.

New, locally-developed, digital signature technology sits behind a major breakthrough for Nigeria’s Delta State government, which kicks off its “Fast Track 90” scheme – a new digital system for the acquisition of legal titles for landed property.

Historically an onerous process fraught with bottlenecks, bureaucracy and prone to fraud, the issuance of Certificate-of-Occupancy (C-of-O) to property owners in Delta State will, going forward, be fast tracked to 90 days and fraud-proofed – thanks to a system written by pbDigital, a division of South African customer communications firm PBSA.

Delta State governor, Senator Ifeanyi Okowa, unveiled the Fast Track 90 scheme at the end of March, saying one of the biggest hindrances to investors was the high cost and delays associated with acquiring the legal titles to landed property in Delta State, Nigeria’s oil and agricultural producing state.

“Fast Track 90, an innovative policy of this administration designed to enhance ease of business in the state, has been initiated to overcome the bottlenecks that have become a recurring decimal in obtaining C-of-Os, it will take a maximum of ninety days for land owners to obtain their C-of-Os from the Ministry of Lands and Surveys and the new system is fast, transparent and in line with global best practices,” says Okowa.

The solution was positioned as having significant benefits for Delta State, including much faster turnaround times, considerably reduced C-of-O fees, security surety and, ultimately, increased investment in the state

Fast Track 90 relies on a software platform – recently developed specifically for the project – which connects to PBSA’s High Security Module Cloud Server infrastructure in South Africa. The solution is a hybrid, digital certificate issuing and verification solution for certificates that also need to be printed on paper.

Leon van der Merwe, head of pbDigital, explains: “Smatforms, a channel partner of PBSA in Nigeria, approached PBSA for a solution to digitise the paper-based issuing process for Delta State C-of-O documents. The solution-platform is built on pbDigital’s cloud technology that uses state-of-the-art cryptography to embed digital signatures in PDF documents.  The system is an end-to-end solution for issuing these documents.”

The software system features four main fully integrated platforms:

* Certificate Creator – a platform to import the variable data of the citizen that appears on the certificate.

* PDF and QR Code Creator – a platform that produces the digital certificates, each with its own unique QR code for printing.

* Digital Signature Workflow – a platform that allows the certificates to go through a digital approval and sign-off process.

* Certificate Manager – a platform that gives management full visibility throughout the certificate creation, sign-off and post certificate management processes.

Certificate verification

The printed certificate that is issued to the citizen contains an embedded QR code, explains Van der Merwe. “When the QR code is scanned with any generic, free QR code scanner using an online smart device, the original electronic document is opened from a secure cloud location. The electronic version of the document and the printed paper copy presented by the citizen can be compared and must have exactly the same content.

“The authenticity of the electronic document can also be verified by using a free version of Adobe PDF Reader to verify the signatures.

“The digital signatures on the document that were applied by the official authorities when the document was produced, carry X.509 personal cryptographic properties. During the verification process, these signature properties will have the verified personal information and Adobe AATL (Adobe Approved Trust List) certificate information embedded in each digital signature.”

Although developed for Delta State’s new C-of-O scheme, pbDigital’s digital certificate software can be used in any process involving the issuance of printed documents in need of future verification. “The software speeds up business processes, digitises workflow – creating a full audit trail – and completely eradicates fraud,” Van der Merwe adds.

Nigeria: Delta State tackles land ownership bane with SA tech

ITNewsAfrica_logo

Published by IT News Africa on 28 June 2016

 

New, South African developed digital signature technology sits behind a major breakthrough for Nigeria’s Delta State government, which kicks off its “Fast Track 90” scheme – a new digital system for the acquisition of legal titles for landed property.

Historically an onerous process fraught with bottlenecks, bureaucracy and prone to fraud, the issuance of Certificate-of-Occupancy (C-of-O) to property owners in Delta State will, going forward, be fast tracked to 90 days and fraud-proofed – thanks to a system written by pbDigital, a division of South African customer communications firm PBSA.

Delta State Governor, Senator Ifeanyi Okowa, unveiled the Fast Track 90 scheme at the end of March, saying one of the biggest hindrances to investors was the high cost and delays associated with acquiring the legal titles to landed property in Delta State, Nigeria’s oil and agricultural producing state.

“Fast Track 90, an innovative policy of this administration designed to enhance ease of business in the state, has been initiated to overcome the bottlenecks that have become a recurring decimal in obtaining C-of-Os, it will take a maximum of ninety days for land owners to obtain their C-of-Os from the Ministry of Lands and Surveys and the new system is fast, transparent and in line with global best practices,” said Okowa.

The solution was positioned as having significant benefits for Delta State, including much faster turnaround times, considerably reduced C-of-O fees, security surety and, ultimately, increased investment in the state.

The tech behind Fast Track 90
Fast Track 90 relies on a software platform – recently developed specifically for the project – which connects to PBSA’s High Security Module Cloud Server infrastructure in South Africa. The solution is a hybrid, digital certificate issuing and verification solution for certificates that also need to be printed on paper.

Leon van der Merwe, head of pbDigital, explains: “Smatforms, a channel partner of PBSA in Nigeria, approached PBSA for a solution to digitise the paper-based issuing process for Delta State C-of-O documents. The solution-platform is built on pbDigital’s cloud technology that uses state-of-the-art cryptography to embed digital signatures in PDF documents.  The system is an end-to-end solution for issuing these documents.”

The software system features four main fully integrated platforms:

  1. Certificate Creator – a platform to import the variable data of the citizen that appears on the certificate.
  2. PDF and QR Code Creator – a platform that produces the digital certificates, each with its own unique QR code for printing.
  3. Digital Signature Workflow – a platform that allows the certificates to go through a digital approval and sign-off process.
  4. Certificate Manager – a platform that gives management full visibility throughout the certificate creation, sign-off and post certificate management processes.

Certificate verification
The printed certificate that is issued to the citizen contains an embedded QR code, explains Van der Merwe. “When the QR code is scanned with any generic, free QR code scanner using an online smart device, the original electronic document is opened from a secure cloud location. The electronic version of the document and the printed paper copy presented by the citizen can be compared and must have exactly the same content.

“The authenticity of the electronic document can also be verified by using a free version of Adobe PDF Reader to verify the signatures.

“The digital signatures on the document that were applied by the official authorities when the document was produced, carry X.509 personal cryptographic properties. During the verification process, these signature properties will have the verified personal information and Adobe AATL (Adobe Approved Trust List) certificate information embedded in each digital signature.”

Although developed for Delta State’s new C-of-O scheme, pbDigital’s digital certificate software can be used in any process involving the issuance of printed documents in need of future verification. “The software speeds up business processes, digitises workflow – creating a full audit trail – and completely eradicates fraud,” concludes Van der Merwe.