Today we announce a new Pilot Program for Banks available through our RapidLEI service. The pilot is designed to enable Banks to use LEIs in volume to aid with streamling and reducing the costs associated with KYC and Organisational customer on-boarding.
The GLIEF has conducted considerable research into how LEIs can impact the banking industry when used effectively:
“Research conducted by McKinsey on behalf of the Global Legal Entity Identifier Foundation (GLEIF) has concluded that broader use of Legal Entity Identifiers (LEIs) across the global banking sector could save the industry U.S.$2-4 billion* annually in client onboarding costs alone. The widespread usage of the LEI can generate topline benefits across all stages of the Client Lifecycle Management process for banks, including Know-Your-Customer requirements. We are excited that wider use of the LEI brings such significant potential benefits to the banking sector, and our priority at this stage is to support voluntary adoption of the LEI in banking use cases beyond regulatory reporting so that these benefits can be fully realised.”
The Global LEI Foundation (GLEIF)
The Pilot is open to Banks wishing to trial impact of automated LEIs issued at volume. RapidLEI is uniquely positioned to support the LEI KYC initiative and help banks realise the savings thanks to the platform’s SaaS management portal, API availability, and LEI issuance automation. Other capabilities include:
- Bulk registration – register LEIs for clients in bulk.
- Discovery – service will identify issued, lapsed, missing LEIs.
- Automated renewal – avoids lapse risk.
- Full LEI support – issue LEIs to organisations, trusts, and funds.
- Customisable expiry – assistance with customising/aligning the expiration date.
- 24/7 customer support.
- Reduced LEI costs.
“The Global LEI System database of organisation identities represent a significant opportunity to streamline KYC and onboarding workflows. Banks in particular have much to gain from utilising and issuing LEIs within their current processes. With our new scalable, LEI-based Pilot, we are focused on helping banks not only use LEIs to notably reduce onboarding costs, but also, importantly, to ensure that LEIs are managed efficiently and securely.”
Simon Wood, CEO, Ubisecure
The Pilot Program launches today and is available to banks and financial institutions. Contact the RapidLEI enterprise team for more details on how to enroll.
* Figures cited from the GLEIF eBook: LEIs and Client Lifecycle Management in Banking – a U.S.$4 Billion Beginning. To download the full GLEIF ebook detailing the research conducted by McKinsey on behalf of the Global Legal Entity Identifier Foundation (GLEIF), please visit https://www.gleif.org/en/lei-solutions/mckinsey-company-and-gleif-leis-and-client-lifecycle-management-in-banking-a-u-s-4-billion-beginning