LEI Solutions > Validation Agents
GLEIF-approved operational model for Banks, KYC Service Providers, FinTechs, & Trust Service Providers. Leverage existing KYC/KYB & AML workflows and enhance legal entity identity information while synchronously issuing LEIs in real-time.
With over 2M now in use, the LEI has become the global unique identifier. LEI Everywhere is designed to ensure every organization around the world can obtain an LEI without barriers or friction. Talk to us today about the new wholesale program only available to GLEIF-approved Validation Agents. Prices exclude annual GLEIF fee. Learn More
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. The validation of legal entity identity data, the 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.
Regulations requiring LEI
Annual KYC savings (GLEIF & McKinsey)
Reduction in Onboarding costs (GLEIF & McKinsey)
VAs can issue LEIs for organizations, funds and trusts (including the upcoming Verified LEI / vLEI). RapidLEI VAs benefit from:
Synchronous registration of LEIs
LEI registration occurs at the same time as existing KYC and onboarding processes.
Access to accurate entity identity information
Automation and integration into local business registries ensure accurate, up-to-date entity identification information. Use to enrich and correct entity identity information for internal customer due diligence (CDD), and enhanced due diligence (EDD).
Greatly reduced costs
Reduced LEI costs enable VAs to purchase and manage LEIs on behalf of clients, or create new revenue streams from LEIs.
Augment digital identities with LEIs
Add LEIs as attributes to existing customer digital identities consumed from third party Identity Providers (IdP), federated or internal IdP services. Assert organization affiliation in KYC, onboarding and strong authentication use cases.
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
The Validation Agent (VA) framework is an 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
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
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.
