GLEIF-approved VAs using LEI Everywhere 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.
VAs can issue LEIs for organizations, funds and trusts (including the upcoming Verified LEI / vLEI). RapidLEI VAs benefit from:
Greatly reduced costs
LEI Everywhere 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
LEI Everywhere 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.