Announcing RapidLEI’s new partnership with Singapore-based RegTech solutions provider, VerifyVASP. The venture makes VerifyVASP the first Travel Rule solution provider to become a Validation Agent (VA). The collaboration will enable VerifyVASP to quickly and seamlessly obtain LEIs for their Virtual Asset Service Provider (VASP) clients, using RapidLEI’s automated issuance technology.
Read the full press release here.
Here’s what VerifyVASP and RapidLEI had to say of the partnership announcement:
Shihyun Chia, CEO of VerifyVASP, said:
“Travel Rule is effectively a messaging protocol that would require data standards, taxonomies and industry best practices for effective frictionless compliance. The adoption of LEI as prescribed by regulations such as the TFR would be a cornerstone in achieving this. Additionally, LEI would also facilitate the identification and verification of counterparties in establishing counterparty or correspondent relationships between VASPs/CASPs.”
Chris Hudson, Director of Channel Sales at RapidLEI, said:
“LEIs are increasingly becoming part of regulatory requirements across multiple industries, with over 300 regulations already requiring LEIs in some capacity. Our partnership with VerifyVASP will increase adoption of LEIs for VASPs ahead of the MiCA and Transfer of Funds Regulation mandates. We are eager to support their work to implement LEIs in and around RegTech and Travel Rule solutions.”
About Ubisecure and RapidLEI
Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As of March 2023, over 200,000 organizations have chosen RapidLEI to issue their global organization identifier. As well as pioneering the LEI Everywhere™ program, the company is a technology innovator and provides Identity & Access Management (IAM) software and cloud services for Customers, Workforce, & Organization Identity use cases. Enterprises and Governments use Ubisecure IAM solutions to enhance user experience and security through improved registration, authentication, authorization, and identity data management. Ubisecure also provides solutions to companies maintaining their own customer identity pools (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.