Legal Entity Identifiers (LEIs) could save the global banking sector $2-4 billion annually in client onboarding costs alone (GLEIF & McKinsey).
Right to Represent is an LEI based service that reduces cost and risk by making it easy for individuals to assert their rights during a KYC or onboarding process. Using the same concept as “Sign in with Apple” or “Log in with Facebook”, Right to Represent uses LEI based accounts to authenticate organisation affiliation and rights.
KYC & customer onboarding
Certificate Authority validation & PKI / Certs
Public sector digital services
Combining industry leading solutions from Ubisecure
Right to Represent requires a standardised & federated organisation identity managed through an Identity Provider (IdP) & Rights Delegation service
Ubisecure’s Identity Platform provides the Identity Provider (IdP) and Rights Delegation service.
The RapidLEI vetting services provide linkage between the organisation identity and the delegation / IdP services.
How Right to Represent works
Individuals request Legal Entity Identifier(s)
The rights of the Individual to request and represent on behalf of Organisation is verified
Rights and assurances are managed through Ubisecure’s IdP service
Verified Individuals can invite other individuals to join through multi-tier system
Invitees are verified depending on role of the inviter
Service Providers add Right to Represent authentication (OAuth 2.0) at point in workflow they need to determine rights – displayed as a ‘authenticate’ login similar to “sign in with Apple” or “log in with Facebook”
Pre-established Mandates specify the definitions and values of the Rights
Service Provider builds assertion conclusion into workflow or product via SDK/API
Banks and FinTech add Right to Represent at the point in KYC or onboarding workflow where rights verification is needed.
“The LEI offers businesses a standardized, one stop approach to entity verification, enabling quick, consistent, accurate information on both client organizations and other business partners and suppliers.”
GLEIF Research, the Pitfalls of Onboarding
Business Value of Right to Represent
Right to Represent reduces costs by outsourcing right to request / right to represent workflows. Ubisecure delegation of authority (the origins of what is now Right to Represent), is being used by numerous European Government and Telecoms providers.
The Finnish Government needed an identity management system to enable the strong identification of individuals and organisations for online Government services that scaled nationwide, and supported online power of attorney. Ubisecure provided the solution, now known throughout Finland as Katso.
- €6-€10 saving per delegated transaction
- 1m+ authentications per month