LEI Solutions > SWIFT Payments
“Now is the appropriate time for the payment industry to begin its adoption of the LEI.”
Payments Market Practice Group (PMPG) | SWIFT
More than 1.7m organizations around the world now registered with a Legal Entity Identifier (LEI)
The LEI has quickly proven its value as the “one identity behind every business”. Regulatory use of LEIs is now expanding out of specific financial reporting and into new payment standards driven by ISO20022 and SWIFT. Get ready, because the number of LEIs in use is about to increase by an order of magnitude.
Banks, payment processing companies, and FinTech solution providers need to have a plan for registering and managing LEIs to avoid disruption to core payment workflows:
- Get your LEI in preparation
- Build on-demand LEI issuance into payment processing workflows and solutions.
- Prepare for large scale LEI management for both internal and client LEIs
- Capitalise on the exploding LEI business opportunity
RapidLEI innovates to meet demand
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 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
Benefits of using LEIs in the Payment Process
“Improved identity data, such as the LEI, should enable simpler and more accurate reference checking against AML and anti-terrorist financing databases.”
Bank of England
What’s needed & what RapidLEI delivers
Sending/receiving banks will be at the centre of on-demand LEI issuance.
Payment processing solutions will need to be able to issue LEIs to organizations that don’t have one, in order to avoid delays in transactions.
Provisioning and management of the greatly expanded LEI universe create new business opportunities for all entities involved. LEI issuers with modern systems that provide automation, management tools and APIs will better meet the new set of scaling requirements than LEI issuers that rely on legacy, slow, manual, closed system processes.
The major change driver – ISO 20022
ISO 20022 is driving the inclusion of LEIs in payment messages as it becomes the global standard language for financial transactions. Within five years ISO2002 is expected to be the main language for payments, supporting almost all of the value of transactions worldwide. All the entities involved in the transaction need to be verified legal entities. The LEI will fulfil that requirement:
“As part of the adoption of ISO 20022, and with it the LEI, organizations are recommended to adapt their business processes to ensure that LEIs are captured whenever a new counterparty or customer record is set up.” – PMPG