After the collapse of the banking systems in 2008, the LEI system was conceived to offer transparency on a global basis. With a unique number being assigned to every legal entity worldwide being the eventual aim. As global trade and the pervasive nature of the Internet have broken down traditional trade barriers in the decade since the collapse, the requirement for an LEI type solution to many issues is growing.
Uniqueness is key to the success and some organizations unwittingly apply for an LEI when one already exists. The mechanisms to detect Duplicates after issuance and during the application process is improving all the time. We all have a responsibility to ensure the underlying information in the application for the LEI is accurate.
As RapidLEI utilizes live lookups to the Business Registries in the jurisdictions we support, we help ensure accuracy and therefore prevent potential duplicates from occurring.