When we created the RapidLEI service we set ourselves some pretty significant, arguably audacious goals. We are incredibly excited that today, ahead of our expectations, we have achieved one of those audacious goals. RapidLEI is now outpacing Bloomberg and issuing more new Legal Entity Identifiers (LEI) than the financial services giant.
RapidLEI had a strong start to the year, and over the last few months we’ve been gradually closing the gap against Bloomberg. RapidLEI ended February by issuing 2158 new LEIs vs. Bloomberg’s 2144.
For the month, between RapidLEI and Bloomberg, we enabled 4302 organisations to register their first LEI. LEI uptake continues to increase, driven by the increasing demand for LEIs to meet expanded regulation, and new use-cases innovatively utilising LEIs as the common organisation identity.
We are also pleased with RapidLEI’s total growth, which includes new, renewal, and imported LEIs (those transferred from other LOUs to RapidLEI). LEIs must be renewed and revalidated annually to remain active and to ensure they represent the organisation accurately. The high renewal rate for RapidLEI has a significant positive impact on the overall value of the global LEI system.
RapidLEI is less than two years old. To be outpacing Bloomberg sooner than we’d imagined is especially rewarding. It shows how the LEI market is evolving, and how organisations are positively reacting to the automation and seven-days-a-week issuance capabilities that RapidLEI introduced into the market.
Of course, this milestone would not be possible without our dedicated partners. The RapidLEI partner network now spans the globe, bringing localised language, currency, as well as regulation and use-case expertise to their local markets. Congratulations to all our LEI partners, and thank you to the (almost) 30,000 organisations that now trust RapidLEI with their organisation identity.
About The Author: Steve Waite
Steve is the Chief Marketing Officer for Ubisecure and RapidLEI.
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