LEI Solutions > Banks
Legal Entity Identifiers for Banks
Simplifying client LEI management
To take advantage of the LEI as a connector of reference data for KYC / AML and counterparty identification, issuance and management of the LEI needs to be scalable, frictionless, and low cost. This is where RapidLEI can help. Join organizations like Nordea and make it easy to not just issue LEIs, but also to discover, consolidate and manage both internal LEIs and LEIs for your banking clients.
GLEIF Validation Agent (VA) ready
GLEIF Validation Agent (VA)
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.
“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 choose RapidLEI?
Full LEI Support
Issue LEIs to organizations, trusts, and funds
Automated LEI issuance process
No overhead to obtain internal LEIs or client LEIs
No need to register individual LEIs, add in bulk
Discovery & Consolidation
Identify all group LEIs and add to your account. You save time, cost, and avoid lapsed LEIs
Automated Renewals with Customizable Expiry
Align expiry dates. System automatically renews multi-year LEIs
Free LEI API usage, same-session registration and issuance
Save significantly over buying individual LEIs
Dedicated Account Manager & 24/7 Support
Coordinates and prepares transfers and renewals (inc. Letters of Authorization, level 2 data preparation and more)
One Agreement & Multi-LOU Approach
Both internal and client LEIs can be managed with multiple accounts under a single non-exclusive agreement
Meet Regulatory Demands
Endorsed by the G20 and is intended to be “the one identity behind every business” LEIs are mandatory for MiFID II / MiFIR, EMIR, SFTR, Dodd Frank Act, and many other Financial Regulations.
Bank of England
BoE champions LEIs as a globally recognised and unique identifier for all UK businesses, integrates into the BoE’s Real-Time Gross Settlement (RTGS) service, and mandates use in payment messages.
A New Future for Legal Entity Identification
This GLEIF report details the inefficiencies of today’s onboarding processes for financial services, including the real business consequences of inefficient identification of legal entities. The report explores the impact and benefits afforded by adopting a standardized method for identifying legal entities and replacing disjointed information. Time savings, greater transparency and more streamlined working processes are available to the businesses that introduce the use of LEIs.
BUILD ENTERPRISELEI CAPABILITIES INTO YOUR OWN APPLICATION QUICKLY AND EASILY
- The only same-session LEI issuance API
- Register & renew LEIs, accounts, import existing LEIs, query on status, confirm data quality
- The platform automation logic handles the complexity of the application validation
Volume LEIs for EnterpriseLEI
Available for banks, asset managers and enterprises managing large
numbers of LEIs via the EnterpriseLEI platform.