What is ISO 17442-2 about?
ISO 17442-2 is an international standard used for financial services that specifies the embedding of the legal entity identifier which is helpful in performing the transaction globally.
ISO 17442-2 is the second part of Financial Services in the multi-series.
ISO 17442-2 specifies a standardized way of embedding the legal entity identifier (LEI) code, as represented in ISO 174421, in digital certificates, represented by the International Telecommunications Union (ITU) Recommendation X.509 and its ISO equivalent standard, ISO/IEC 95948
ISO 17442-2 specifies the structure of a public key certificate conforming with ISO/IEC 95948 in which the LEI is embedded.
Who is ISO 17442-2 for?
ISO 17442-2 on financial services is useful for:
- Financial Institutions
- Banks
- Stock exchange
- Investment banking
- Financial intermediaries
- Trader of financial instruments
- Financial regulatory board
- Sole trader
Why should you use ISO 17442-2?
Legal entity identifier (LEI) code is useful for you as it helps in improving the quality and accuracy of financial data systems for better risk management. This legal entity identifier code is useful after the global financial crisis takes place. Basically, a legal entity identifier (LEI) is a global identifier that is helpful for you while participating in legal transactions.
ISO 17442-2 is useful in combining both the digital certificate and legal entity identifier tools which help to encrypt, authenticate the data and that data cannot be repudiated. ISO 17442-2 helps you in applying digital certificates and provides a new solution to standardizing digital identity.
