Partnering with registry software companies to spread usage of the Beneficial Ownership Data Standard

Photo by Dimitri Karastelev on Unsplash

Two of the world’s leading company registry software companies have partnered with Open Ownership to spread usage of the Beneficial Ownership Data Standard across the globe.

Foster Moore and NRD Companies will collaborate in promoting the use of the Beneficial Ownership Data Standard developed by Open Ownership and leverage their registry development service experience worldwide by sharing tools and technologies.

In exchange, Open Ownership will share technical expertise and best practice on beneficial ownership transparency with a focus on the production of structured and interoperable data which can be combined across jurisdictions.

The non-exclusive partnerships were formally unveiled at the Corporate Registers Forum where registrars and company data experts from across the world met to discuss data interoperability and the future of business registers.

Thom Townsend, Executive Director at Open Ownership, said: “These partnerships will help drive the creation of high-quality beneficial ownership data across the world to connect information on who ultimately owns and controls the businesses that shape our lives. We look forward to working closely with Foster Moore and NRD Companies.”

“The work of Open Ownership has never been more important than now,” said Justin Hygate, Vice President of Registry Innovation at Foster Moore. “Transparency around corporate ownership is critical to trade and security. The Beneficial Ownership Data Standard enables software vendors such as Foster Moore to provide the tools that give effect to Open Ownership’s vision.”

Photo (left - right): Thom Townsend, Executive Director of Open Ownership, Rosanne Bell, Strategic Advisor to Foster Moore, and Martin Riegel, CEO at Foster Moore, at the MoU signing.

“As we develop, implement beneficial ownership registers and train industry representatives, we recognise the need for a unified global beneficial ownership data standard,” said Mindaugas Glodas, CEO of NRD Companies. “It is crucial to collect beneficial ownership data, share it across different authorities and countries, and create an ecosystem of tools and approaches to reuse the data. We fully embrace this approach and actively discuss it with our existing and potential customers.”

Photo (left - right): Thom Townsend, Executive Director of Open Ownership, Ieva Tarailienė, Head of Registry Practice at NRD Companies, and Mindaugas Glodas, CEO of NRD Companies, at the MoU signing.

Open Ownership’s Beneficial Ownership Data Standard is the world’s leading open standard for collecting and publishing high quality beneficial ownership data. Endorsed by the UK Government and already adopted by Latvia, Armenia, and Nigeria, the standard has been developed and shaped by years of research and expert technical guidance.

Open Ownership is a not-for-profit organisation which has worked with almost 40 countries to advance implementation of beneficial ownership reforms, as well as supporting the creation of over 15 central and sectoral registers.

Since developing the world’s first fully-electronic online business registry in 1996, Foster Moore has designed and built registry solutions that empower governments in 21 jurisdictions across North America, South East Asia, the Middle East, Africa, the Pacific, and New Zealand.

NRD Companies is a global IT and consulting group of companies, specialising in governance and economic digital infrastructure development which has built more than 150 registries and information systems in 50 countries worldwide. Headquartered in Norway, the group unites companies operating in Fintech, GovTech, and practice-based consulting areas in aiding countries to reach UN sustainable development goals.