Contour Collaborates With Gleif To Enable LEI Utilization On Digital Trade Finance Network

According to the latest news on Oct 20, Contour, the digital trade finance network has joined hands with the Global Legal Entity Identifier Foundation (GLEIF) to empower the utilization of Legal Entity Identifiers (LEIs) within its network and also to financially aid its participants in getting their own LEI.

Getting the reliable & established universal entity identifier will boost much more confidence in Contour’s members when it comes to transacting with their trading counterparties. Plus, it is also helpful in decreasing data reconciliation costs, limited transaction errors, and enhancing risk management.


The LEI, facilitated by GLEIF, is a 20-character ISO 17442 code that gives businesses a unique identity to be used across markets and jurisdictions. The code is associated with annually evaluated business reference information and proprietorship structure data about a legal entity in an uninhibitedly available online registry - the LEI index. It can be faster verified by anyone at any time, empowering firms to know definitively who they are working with. The evaluated company information that is being provided by LEI results in more prominent trust and perceivability in the marketplace between trade members. 

As trade turns out to be more globalized, it has become more complex for businesses to correctly identify data related to the parties they trade with. The process of getting this type of information is usually a great deal of work demanding a critical interest in time, money & resources.

Read more: https://www.prfree.org/@ngulminthang/contour-collaborates-with-gleif-to-enable-lei-utilization-on-digital-trade-finance-network-63mbw5qenkb7

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