LEI Solutions > GLEIF Validation Agents
GLEIF Validation Agents
Streamlined LEI issuance for KYC
& Compliance-as-a-Service
GLEIF-approved operational model for KYC Service Providers, Banks, FinTechs, & Trust Service Providers. Leverage existing KYC & AML workflows and enhance legal entity identity information while synchronously issuing LEIs in real-time.
Realize the GLEIF Validation Agent (VA) opportunity with RapidLEI
116
Regulations requiring LEI
$5-6m
Annual KYC savings (GLEIF & McKinsey)
10-15%
Reduction in Onboarding costs (GLEIF & McKinsey)
Organizations using the 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. Both the validation of legal entity identity data and the subsequent registration (and renewal) of the LEI can be automated to occur in parallel with existing workflows, all in real-time, and without the usual duplicative processes.
Organizations becoming VAs can issue LEIs for organizations, funds and trusts (including the upcoming Verified LEI / vLEI). RapidLEI VAs benefit from:
Greatly reduced costs
The VA solution greatly reduces the cost of LEIs. This enables VAs to purchase and manage LEIs on behalf of clients, or create new revenue streams from LEIs.
Synchronous registration of LEIs
LEI issuance no longer needs to be a separate registration workflow. Registration occurs at the same time as existing KYC and onboarding processes.
Access to accurate entity identity information
RapidLEI’s unique VA solution uses automation and integration into local business registries to ensure accurate, up-to-date entity identification information. This can be used to enrich and correct entity identity information for internal customer due diligence (CDD), and enhanced due diligence (EDD). It also ensures that only accurate LEIs are registered.
Augment digital identities with LEIs
Add LEIs as attributes to existing customer digital identities. Augment LEIs to digital identities that are consumed from third party Identity Providers (IdP), or externally federated as an IdP service, or utilized internally. Assert organization affiliation in KYC, onboarding and ongoing strong authentication use cases.
Scale your LEI issuance with the world’s #1 LEI Issuer
Ensure clients meet regulatory compliance mandating use of LEIs today and into the future
Issue LEIs at massive scale quickly and at reduced cost. Improves customer experience and ensures uninterrupted transactions
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) – improved client data accuracy, quality, and reliability
Leverage your existing legal entity validation processes
Gain new revenue streams from KYC/AML/Compliance services. Attract institutions who harness the LEI
Augment existing Identity Provider digital identities and federated identity pools with the LEI as an attribute
What is the GLEIF Validation Agent (VA) Framework?
The Validation Agent (VA) framework is a newly approved role in the Global LEI System (GLEIS). It enables FIs, Banks, & Trust Service Providers to leverage and enhance existing validation processes to consolidate traditionally separate workflows for KYC, AML & LEI issuance.
Being a VA empowers FIs to obtain an LEI for a client at the same time, and using the same processes, as the usual client onboarding process. There is no need to engage with the LEI Issuer in a separate, often time consuming, validation process just for the LEI registration. Onboarding and LEI issuance become synchronous.
The VA solution provisions the ability for an FI to request Legal Entity Identifiers on behalf of legal entities AND/OR also to request LEI purely for the benefit of the FI’s internal KYC requirements. VAs can monetize the LEI, as well as use it to realize a variety of cost, efficiency and customer experience benefits by leveraging existing KYC and AML processes.
“By simplifying and accelerating the LEI issuance process, the new Framework also paves the way for FIs to expand their usage of the LEI beyond capital markets to encompass all banking business lines, an opportunity anticipated to save the industry U.S.$2-4 billion annually in client onboarding costs alone.”
GLEIF – LEI VA Framework eBook
Why partner with RapidLEI to become a GLEIF Validation Agent?
Automated LEI issuance process
Automated systems and pre-integration into Business Registries creates fast, accurate data records
API
The only same-session LEI issuance API available enables LEI management at massive scale
Full LEI Support
Issue LEIs to organizations, trusts, and funds.
Will also be able to issue Verifiable LEIs (vLEI)
Automated Renewals
System automatically renews multi-year LEIs
Local Support
Enabled by RapidLEI and also available through our local strategic Registration Authority partners
Volume Discounts
Save significantly and maximize margin / revenue
Manage LEIs at massive scale
BUILD VALIDATION AGENT CAPABILITIES INTO APPLICATIONS QUICKLY AND EASILY
- The only same-session LEI issuance API
- Register LEIs, renew, import existing LEIs, query on status
- Confirm data quality and enrich current legal entity data
The power of LEIs to transform client lifecycle management in banking
A U.S.$4 billion beginning
Research conducted by McKinsey on behalf of the Global Legal Entity Identifier Foundation (GLEIF) has concluded that broader adoption of Legal Entity Identifiers (LEIs) could save the global banking sector U.S.$2-4 billion annually in client onboarding costs alone. This represents a saving of between 5 and 10 percent of the industry’s U.S.$40 billion annual overall spend on the practice.