Weekly Legal Entity Identifier Briefing: 15th Feb 2021

Your weekly LEI roundup with highlights from the LEI ecosystem.

In this series, we aim to bring the latest news from the LEI ecosystem, so you can start the week one step ahead.

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RapidLEI reveals GLEIF Validation Agent (VA) solution

Organizations using the GLEIF VA solution can leverage existing KYC, AML and Compliance-as-a-Service workflows to obtain LEIs for clients when verifying a client’s identity during initial onboarding or during a client refresh update. Organizations using RapidLEI’s VA solution benefit from:

• Reduced costs to obtain LEIs for clients
• Synchronous registration of LEIs at time of client KYC/onboarding
• Increased accuracy, and enrichment of client identity information for CDD/EDD

The RapidLEI VA solution is also available through the Registration Agent network. Read more about the Validation Agent (VA) solution or contact us to apply for the Pilot Program.

 

GLEIF Unveils Issuance and Infrastructure Models for Verifiable LEI

The GLEIF has issued a press release to reveal the issuance and technical infrastructure models for its recently announced verifiable LEI (vLEI) system.

Comments from Stephan Wolf, CEO of GLEIF:

“For the vLEI to become the de-facto choice in digitized organizational identity globally, both its issuing system and underlying architecture have to embody GLEIF’s unwavering commitment to open systems and open data. The approaches we are laying out today will enable the vLEI system to support any other blockchain or SSI network or system, while retaining the capacity to utilize them all, and be able to support cloud infrastructures as well. This is a critical development in our work to bring the benefits of a digitized LEI system to all industry sectors around the world.”

The press release is available to download on the GLEIF website, or to read on sites including Finextra.

 

European Payments Council (EPC): The opportunity for the LEI in 2021

An interview with Clare Rowley, GLEIF’s Head of Business Operations.

Her predictions for opportunities include:

• embedding the LEI into Digital Certificates
• opportunities with the Validation Agent framework
• opportunities from recommendations in the European System Risk Board report on identifying legal entities

Read the full interview on the EPC website.

 

More LEI news from around the web

• ASC X9 – Recording of the webinar last week on ‘LEI Digital Strategy – Digital Certificates and Introducing the verifiable LEI (vLEI)’. Speakers included: Stephan Wolf, GLEIF CEO and Karla McKenna, Head of Standards GLEIF and Managing Director at GLEIF Americas.
• Citi Group LEI Business Case: Bank of China Hong Kong Branch Sets Benchmark for New Yulan Bond Market.
• Market Screener: Regulatory Update – Version showing the amendments introduced by amending Decision ECB/2020/25.
• Olive Press News Spain: Registering Your Legal Entity Identifier Code? Here’s What You Need To Know About It.
• Workiva: What’s in a Name? A Case for the Global Legal Entity Identifier.
• Let’s Talk About Digital Identity Podcast – Episode coming on Wednesday this week: “LEIs & corporate transparency for Obliged Entities” with UBO Service. Subscribe now on your preferred podcast platform to get notified – plus catch up on LEI-themed episodes including with GLEIF and Digicert.

 

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