Today the GLEIF announced two new Validation Agents within the Global LEI System – Sparkasse Bank Malta plc and UK-based Diligencia. We are incredibly excited to announce that both organizations have become Validation Agents using Ubisecure / RapidLEI’s LEI Everywhere solution. LEI Everywhere enables mass issuance without friction or barriers, and has proven extremely popular with banks, fintechs and KYC service providers.
The GLEIF press release reads that Validation Agents enable banks and other regulated institutions to leverage their KYC and AML onboarding procedures to help their clients obtain LEIs. By providing their client base with LEIs, they promote financial inclusion, while creating value and opportunities such as cross-border supply chain relationships, thanks to easier counterparty verification and simplified cross-border payments.
The GLEIF also asserts that the growth In Institutions becoming Validation Agents is a strong endorsement for McKinsey’s research findings, which revealed that broader adoption of LEIs could save banks an estimated U.S. $2-4 billion per annum in client onboarding efficiencies alone.
“It is our philosophy to establish long-term relationships with our customers ensuring the provision of efficient and seamless financial solutions. We recognize the LEI’s value in creating the transparency that strengthen ties between organizations. Our approval as a Validation Agent is a significant milestone. It enables us to streamline our approach to client lifecycle management, enhance our customer experience, and provides a uniquely powerful foundation to create new value-added services for our corporate clients.”
Paul Mifsud, Managing Director of Sparkasse Bank Malta plc
“Diligencia was established with the strong belief that access to accurate information promotes stable economies and provides a foundation for growth. There is enormous potential for the MEA region to lead the way in terms of LEI issuance growth as global investors seek the transparency, trust, and confidence to engage with markets such as Saudi Arabia and Turkey. As a Validation Agent, we look forward to working with GLEIF and our partners to further accelerate the issuance of LEIs across the region to broaden access to reliable entity data.”
Nouri Bakkali, Managing Director, Diligencia
“The global appeal of the Validation Agent role comes from its ability to deliver tangible benefits for both the Agent organization and its legal entity customers. The processes are very similar for obtaining an LEI and customer onboarding to a financial or regulated institution. A raft of information related to legal status and ownership structure, among other things, has to be provided and verified in both scenarios. By de-duplicating this process, Validation Agents can create efficiencies for both themselves, and their clients, while equipping their clients with the means of establishing trust with any other legal entity anywhere in the world, irrespective of language or location. Transparency and trust sit at the heart of good business practices.”
Stephan Wolf, CEO, GLEIF
”GLEIF-approved Validation Agents are using Ubisecure’s LEI Everywhere program to streamline LEI issuance for client onboarding and refresh. We’ve worked closely with the GLEIF, and our Validation Agent partners to develop the ideal solution – an API-first, automated platform that ensures Validation Agents can register LEIs without barriers or friction, and at massive scale. We are happy to support Validation Agents as they contribute to the widespread adoption of LEIs and help meet the GLEIF goal to place LEIs at the center of modern, connected business.”
Simon Wood, CEO, Ubisecure
Read the full GLEIF Press Release.
Find out more about LEI Everywhere, Ubisecure’s solution for Validation Agents.