Represents significant progress towards achieving Ubisecure’s vision for the future of Digital Identity
As we enter March 2023, Ubisecure is proud to announce the issuance of over 200,000 Legal Entity Identifiers (LEI) via our RapidLEI service. LEIs are standardised, globally recognised organisation identities used in financial regulation, counterparty transactions, and B2B identity management.
RapidLEI has been the world’s largest issuer of new LEIs for some time, issuing around 1 in 4 new LEIs, and now maintains the largest number of issued LEIs (including both new and renewed) within the Global LEI System.
In fortuitous timing, Ubisecure is presenting at the Gartner Identity & Access Management (IAM) Summit in London this week. The session focuses on how global business can reduce fraud and increase efficiency with a standard ability to express verified business relationships. Ubisecure’s approach to combine strongly authenticated individuals with highly assured organisation identities lies at the centre of such a framework. With over 200k organisation identities now under management by Ubisecure, we take a giant step closer to rolling out this proposition on a global basis.
Aside from realising our vision, and with such a milestone reached, we wanted to take the opportunity to reflect on some of the reasons behind why RapidLEI has become one of the fastest growing LEI Issuers since being accredited by the Global LEI Foundation (GLEIF) in 2018.
Issuance vs Imported
A total of 100k LEIs were issued by RapidLEI between August 2021 and February 2023. 85% were newly issued by RapidLEI, and the remaining 15% were existing LEIs originally managed by other LOUs, but imported under RapidLEI management during that period.
How Ubisecure achieved #1 status
RapidLEI’s partners are a critical part of our growth. We operate the most developed partner program in the LEI ecosystem, with the largest Registration Agent (RA) and Validation Agent (VA) networks globally. Our partners provide global, and accessible, market coverage with local support and languages, making it easier than ever before for organisations in any corner of the globe to register and maintain LEIs. We work alongside our partners to launch new and innovative LEI use cases within their own core services.
Improving partner workflows with the LEI issuance API
RapidLEI provides API services to allow LEI issuance to be built directly into partner applications and workflows. The API provides Validation Agents with a quick and easy way to search, register, issue and renew LEIs.
Automated LEI issuance
The RapidLEI team is the same team who helped drive the mass issuance of SSL/TLS certificates globally. The team believes that LEI should be as ubiquitous as SSL/TLS, with a goal that every legal entity on the planet should have an LEI. To achieve this, we needed to introduce automation into the LEI ecosystem.
RapidLEI launched using automation to deliver better speed and accuracy. The RapidLEI platform is integrated with many Business Registries around the world to speed up issuance and ensure data accuracy, and ultimately to lower the cost of issuance and enhance price points for greater LEI adoption.
We understand the need for same session issuance, eliminating the traditional wait between applying for and obtaining an LEI. With same session issuance organisations can utilise the benefits of LEI in minutes. LEIs are often required to comply with regulations, like MiFID II, and same session issuance allows for the LEI to be issued quickly, without delays holding up the transaction.
We also work with some Business Registries to issue and manage LEIs directly, while also gathering accurate Legal Entity Reference Data (LE-RD) in real time for automated LEI issuance workflows.
LEI Everywhere for Banks & Fintech
In 2021 RapidLEI introduced LEI Everywhere. The LEI Everywhere initiative is designed for KYC Service Providers, Bank, FinTechs and Trust Service Providers to benefit from the GLEIF Validation Agent programme. By leveraging existing KYC/KYB and AML workflows, obtaining or renewing LEIs can be automated to work in parallel with existing systems. This stops costly duplicate processing and creates more efficient workflows.
Passionate about customer service
RapidLEI experts are always on hand to support customers and partners, and this is proven by our impressive Trustpilot customer satisfaction score. We are continually investing and improving the platform to provide positive user experience.
At the cutting edge of LEI developments
RapidLEI drives new use cases that deliver the benefits of LEIs, cross-border and all industries. New use cases are growing fast; the LEI is no longer just about meeting compliance and regulation. Using LEIs to enhance KYC/KYB is now an important driver along with digital signing and e-seal embedding.
A number of global initiates also recognising the need for highly assured organisation ID and the value of contextual delegation:
- eIDaS II –the LEI will be the basis of the organisation identity
- GAIN – incorporating the LEI into the network of networks.
- vLEI – building the LEI into verifiable credentials
We have been proud to play a part in the GLEIF’s vLEI pilot as the first vLEI issuer to provide verifiable credentials to the GLEIF. Simon Wood, Ubisecure CEO, said “We are exceptionally excited by the potential of the vLEI ecosystem and to be acting as Qualified vLEI Issuer showcasing the vLEI in GLEIF’s Annual Report 2021”. RapidLEI will maintain its position as a leader in LEI-based innovation.
Ubisecure’s Vision for the Future of LEIs
As we look towards the future and enabling the full potential of Digital Identities, LEIs represent the once-missing component – the standardised Organisation Identity. The many global initiatives referenced, nicely support the realisation of our vision.
Read more about Organisation Identity, Legal Intent, and the Power of Frameworks in Ubisecure CEO Simon Wood’s latest blog in preparation for his Gartner IAM Summit session this week.
Watch our short video find out how we are realising the future of Digital Identity:
To find out more about how RapidLEI can support you, or to become a partner, contact us.
About The Author: Steve Waite
As Chief Marketing Officer, Steve is responsible for Ubisecure’s corporate marketing and communication, partner and customer communication, demand generation and brand development.
More posts by Steve Waite