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WATCH: HOW RAPIDLEI WORKS
SIMPLIFYING LEIs FOR BANKS & ENTERPRISE
The partnership between Entrust Datacard & RapidLEI can help you take advantage of the LEI as a connector of reference data for KYC / AML and counterparty identification, and lets you manage LEIs without friction.
- Full LEI support – issue LEIs to organizations, trusts and funds
- Automated LEI issuance process – no overhead to obtain internal LEIs or client LEIs
- Streamlined workflow – platform minimises requests for validation data, e-signing, payment processing
- Bulk registration – no need to register individual LEIs, add in bulk
- Discovery – our discovery service will identify all LEIs issued within your group and help transfer to your RapidLEI account
- Consolidation – once discovered and added to your account, you save time, cost, and avoid risk of lapsed LEI
- Discounts – gain deep discounts over buying individual LEIs
- Dedicated Account Manager – coordinates and prepares transfers and renewals (including management of Letters of Authorization, level 2 data preparation and more)
- One agreement – both internal and client LEIs can be managed with multiple accounts under a single agreement
- Automated renewal – receive alerts for renewals
- Customizable expiry – assistance with customizing / aligning expiry date
- API – free LEI API usage, same-session registration and issuance
- 24/7 customer support
WHAT IS A LEGAL ENTITY IDENTIFIER?
A Legal Entity Identifier is a 20-character identifier that identifies distinct legal entities. It is defined by ISO 17442 standard, endorsed by the G20 and acts as “the one identity behind every business”. As of September 2019 over 1.5m legal entities worldwide have registered LEIs.
LEIs provide a publicly available verifiable source of ‘who is who’ (organization identity) and ‘who owns whom’ (organization group structures). The system operated by the Global LEI Foundation (GLEIF) and the ability to issue LEIs is awarded to a limited number of organizations (like RapidLEI) passing a stringent accreditation process to become LEI Issuers.
WHY YOU NEED AN LEI
Organizations with LEIs become part of the Global LEI System – the publicly available, live, and verifiable database of legal entities. They show commitment to communicating their verified status – good for corporate image, and even better to meet required regulation.
LEIs are required for a number of identity reporting requirements including MiFID II, MiFIR, EMIR, Frank Dodd and more. These regulations add much needed transparency to financial transactions and trades.
Driven by the GLEIF and innovative LEI Issuers like RapidLEI, and now leading Certification Authorities like Entrust Datacard, exciting new use cases are being developed for LEIs. LEIs are now used to represent the legal entity identity in xBLR reports, digital signature applications and other PKI enabled services.
LEIs TO SAVE BANKING INDUSTRY $2-4 BILLION ANNUALLY
Research conducted by McKinsey on behalf of the GLEIF has concluded that broader adoption of LEIs could save the global banking sector U.S.$2-4 billion annually in client onboarding costs alone. Additional benefits include:
1. Improved onboarding efficiency
2. Shorter time to revenue
3. Better customer service and retention
4. Improved compliance and credit risk
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>> View eBook
Talk to us about how LEI issuance, management and protection can be built into banking onboarding and KYC processes.
HOW IT WORKS: REGISTER LEIs in 99 SECONDS!
RapidLEI is the only LEI Issuer to be fully automated and makes it easy for you to register your LEI. Less form filling, less clicks means more time to spend on running your business!
START TYPING ORG NAME
Thanks to our direct integration we search UK Companies House in real time to find your company. Auto-fill means we do the heavy lifting.
E-SIGN ONLINE
eSign the mandatory timestamped contract online or electronically delegate to a company official. No printing, no faxing needed – completely online.
LEI IS PUBLISHED!
Your newly registered LEI number is then published to the Global LEI Index – the master global directory of all Legal Entity Identifiers.