GS1, while little known in finance, has also applied for a role in developing the identifier.

FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance

The GS1 proposal is a proven approach greatly reducing the associated risk in inventing a new solution.

FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance

But in its submission to regulators, GS1 has proposed a broader set of identifiers than simply legal entities.

FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance

GS1 has developed an international framework for health care, said Carpenter and he is confident it could do something similar in financial services.

FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance

This is where the federated approach of GS1 works.

FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance