Hot on the heels of talking about the API economy, today we are launching a new API product – this one for our RapidLEI Legal Entity Identifier service. It’s the industry’s first LEI API from an accredited LEI Issuer and will allow third party developers to add same-session LEI issuance into applications and workflows.

The new RapidLEI Developer area includes the workflows and code examples to get you building quickly.

The RapidLEI platform connects to the various business registries around the world to offer a fast, automated, and simplified method to obtain LEIs. The API offers developers the ability to do the same using a simple set of API commands. This is especially useful in a number of known use cases for KYC, trades and identity assurance in the banking, Registration Agent and Certificate Authority (CA) ecosystem.

But being an API-first platform and hence giving developers the ability to innovate, we imagine there will be hundreds of new use cases we haven’t even considered yet.

In all use cases, API users can reduce LEI entity identity processing costs and time, reduce risk, improve data accuracy, and allow service providers across all industries to differentiate with new LEI enhanced products and services. Taken from today’s press release:

Nilesh Patel, Channel Manager: “We launched RapidLEI in the summer of 2018 with a goal to take on the incumbents including Bloomberg, DTCC and many of the world’s stock exchanges. Our success so far has been inspiring. But now we raise the bar further and repeat for entity identification what Stripe has done for payments by taking a very complex set of multi-party workflows, and reduce that to just a handful of lines of code.”

Paul Tourret, Corporate Development Officer: “LEIs can connect the dots between individual, thing and organisation identity, which will give rise to future applications like standardised right to represent. It’s very important that we make LEIs much more widely available through third party applications, and the new API will enable this. Identity stakeholder groups are now paying close attention to how the LEI ecosystem is evolving with new use cases and best practices and we are happy to be at the forefront innovating. We saw this from our time in the SSL industry, and we’ll see it again with LEI.”

LEI API exampleWe launched RapidLEI in June 2018 after receiving accreditation by the GLEIF (Global LEI Foundation). The service is growing at a phenomenal rate and has been well received by end customers and currently holds a 9.3 Excellent rating on TrustPilot). We’ve also been extending LEIs to a wider partner network, welcoming a number of new local LEI partners in recent weeks.

Being an accredited Legal Identity Identifier issuer is core to our mission. As Ubisecure CEO Simon Wood covered recently, we are focused on developing services to automate the interactions & assurances within the three identity domains: individuals, organisations & things. The API will open up LEIs to a much wider ecosystem and help us achieve this vision.

 

Next Steps

Further API details, including documentation, code references and examples are available at www.rapidlei.com/developers.

You can read the full press release at https://www.ubisecure.com/about/news-events/legal-entity-identifier-api/.

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