#1 LEI Issuer
Issuing more new LEIs globally than any other accredited LEI Issuer
#1 for Data Quality
Consistently providing the most accurate legal entity reference data across the LEI ecosystem
Supporting 116 different global regulations using or requiring LEIs
Around the world now using Ubisecure’s RapidLEI service
High Assurance Organisation Identity
Legal Entity Identifiers (LEI)
The LEI is a G20 / Financial Stability Board endorsed, 20 digit globally verifiable organisation identification code that’s used to identity organisations in regulatory compliance (116 regs to date), company governance, trades and transactions. Since becoming an accredited LEI Issuer in 2018, Ubisecure has quickly established a technology leadership position by disrupting the LEI market with technology automation, global partner network, & APIs.
It is not sufficient to use a ‘local’ organisation identity number issued by a country-specific Business Register for use cases that require high identity assurance at a global scale. Regulators, especially those related to the financial services industry, are now mandating the use of the Legal Entity Identifier (LEI) as that global identifier.
Obtaining LEIs can be complex, time consuming and sometimes inaccurate. In 2018 Ubisecure became an accredited (and is now the #1 issuer of LEIs) LEI issuer under our RapidLEI brand. The RapidLEI platform has ensures organisations can obtain LEIs quickly, easily and accurately. Our algorithms do the heavy lifting – providing automation and accuracy, and reducing the total cost of ownership for the Legal Entity during the application process.
LEIs in Identity & Access Management
With the Ubisecure Identity Platform and LEIs, organisation identity can follow a parallel construct to individual identity. This allows utilisation and management of:
LEIs in Onboarding & KYC/AML
The LEI provides access to verified organisation reference data and connects the numerous different organisation regional and private identifiers used in KYC/AML.
The use of LEIs in onboarding can be a significant cost saving tool, as well as having a measurable impact to people and staff productivity, streamlining processes, and improving transparency into available entity data. Service providers can view live, verifiable data about clients to ensure higher levels of trust for Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
Ubisecure offers LEI discovery, issuance and management APIs. We also offer support for automated LEI issuance via the GLEIF approved Validation Agent framework. These solutions allow for automated use of accurate LEI reference data in KYC workflows.
“1.8 million LEIs have been issued so far. With GLEIF 2.0, with its new use cases and KYC benefits, the LEI ecosystem expects this number to jump to 20m+. Being able to automate and scale is the key to success.”
Enabling new Organisation Identity use cases
As a persistent unique key to verifiable level 1 “who is who” business data and level 2 “who owns who” parental structures, FIs, trust service providers and technology providers can get significant value from LEIs. Updated at least annually, LEIs will always offer an improved alternative over formats of static data, making the LEI critical for automated and efficient KYC/AML, onboarding and organisational identity assurance.
Digital Rights Governance & Delegation Solution
Using Sign in with RapidLEI, organizations can use LEIs as an authentication method to reduce the risk of unauthorized representation and eliminate the costs associated with administration and manual representation workflows.
Sign in with RapidLEI is an LEI-based service that makes it easy for individuals to authenticate themselves and assert their rights to represent their organization. Rights could be as simple as approved spending limits, or as comprehensive and complex as condition-based legal electronic power of attorney. Using the same concept as “Sign in with Apple” or “Log in with Facebook”, Right to Represent uses LEI-based accounts to authenticate an individual’s organization identity, affiliation and rights.
The cost saving potential of effective organisation identity management
Legal Entity Identifiers
A public report from McKinesey & Company and the Global Legal Entity Identifier Foundation (GLEIF) estimates that global adoption of LEIs could yield annual savings of many hundreds of millions USD within the banking industry alone.
ANALYST EXECUTIVE SUMMARY
An overview of the Customer Identity and Access Management (CIAM) industry & an impartial high level description and analysis of the Identity Platform.
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