Client Agent program replaces the industry’s outdated Registration Agent model for organisations offering legal entity identifiers to their clients
London, UK & Helsinki, Finland – July 3, 2018 – Ubisecure (www.ubisecure.com), a leading b2b Identity Services software provider and cloud services enabler, today launched its new Client Agent program for the RapidLEI service to make automatically issued Legal Entity Identifiers (LEI) more accessible to local markets. The program is designed around the requirements of organisations aligned with existing LEI Issuers, or managing LEIs on behalf of their clients, and eliminates the resource heavy and costly overhead on the partner to process local LEI applications manually. The result is a program the LEI ecosystem has never seen before – one that makes offering LEIs to clients easier and faster by making the actual LEI application process easier, faster and due to the RapidLEI automation technology, more accurate.
The LEI ecosystem traditionally supports a Registration Agent model – a specific type of reseller that supports one or more LEI issuers by providing data collection or aggregation services from the relevant authoritative sources and may also validate the legal entity reference data provided by a legal entity for LEI applicantions. Registration Agents are subject to stringent legal agreements, liability and audits. The model represents costly overheads for the initial LEI order, the mandatory annual validation requirements, and the ongoing operation of the business.
RapidLEI takes a modern, automated approach to the entire LEI lifecycle, which now includes how LEIs can be offered by partners. Because RapidLEI has automated the data collection and retrieval from the authoritative data sources and uses automated workflow for data validation, the ‘heavy lifting’ of processing manual orders (and mandatory annual validation) normally associated with LEI applications under the Registration Agent model is no longer placed on partners. Instead, RapidLEI has created a new category of partner, the Client Agent category, which allows partners to benefit from the faster, easier and smarter workflows unique to the RapidLEI platform and requires no expensive audits. Client Agents can be up and running selling LEIs almost instantly.
RapidLEI is a global platform, but Ubisecure recognises that local expertise is necessary in many markets. For example, customers may need advice on local regulation requiring LEIs or prefer communications in local language. Many local organisations offering LEIs from existing LEI issuers also often maintain deep relationships with clients needing large numbers of LEIs. For such markets RapidLEI will operate primarily through local Client Agents to better serve customer needs.
Steve Roylance, Senior VP, Identity Services for Ubisecure said: “LEIs are required for a growing number of regulations, so it only makes sense that we serve the local markets by making LEIs available through local partners. The RapidLEI Client Agent program solves one of the biggest problems in the LEI ecosystem – by utilising automation technology to eliminate the overhead and risk of manual, paper-based LEI application process, we make it much more profitable for local partners to sell, process and manage LEIs on behalf of their customers.”
Paul Tourret, Corporate Development Officer for Ubisecure said: “Prior to joining Ubisecure, our executive team spent years innovating and popularising automation technologies that allowed SSL Certificate applications to be automated. SSL is now in use by millions of websites around the world. We see LEIs being able to benefit from automation in a similar way – millions of organisations need them, but manual processing does not scale. By extending our LEI automation benefits to the newly categorised Client Agent partners, we can make LEIs more accessible than ever before.”
Current Registration Agents and LEI resellers will be offered promotional pricing when switching to the RapidLEI Client Agent program. Learn more about becoming a Client Agent program at https://rapidlei.com/partners or contact firstname.lastname@example.org for program details.
ABOUT UBISECURE & RAPIDLEI
Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enables enterprises and governments to enhance customer experience, security and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.
Ubisecure LEI: 529900T8BM49AURSDO55