LEI (Legal Entity Identifier)
A McKinsey-GLEIF Working Paper (published in October 2017) highlighted how the LEI can help in reducing transactional and operational friction in the identification of transaction counterparties and in making more accessible and traceable important information about a legal entity background.
The LEI program is an G20 initiative and GLEIF was established in June 2014 to develop and maintain the global LEI system. As of August 2018 over 1,2 mio legal entities have globally registered for a LEI. All LEI data (based on the ISO 17442 standard) are free of charge available for any user. GLEIF also delivers a free of charge LEI-to-BIC mapping service relevant for the payments and the KYC (Know Your Customer) and KYS (Know Your Supplier) parts of the supply chain. A GLEIF Look-up API is available to retrieve information on specific LEIs
In cooperation with partners like the ICC (www.iccwbo.org), GS1 (www.gs1.org) and the WTB Board members efforts are taken to promote the LEI in business applications for the supply chain, for trade finance and for the digital economy.
For further information on LEI, please contact Gerard Hartsink.