Ubisecure has increasingly become the most popular LEI issuer worldwide through the RapidLEI service. They have issued an average of 1 in 5 new LEIs per month. We are now excited to announce the next innovative launch with LEI Everywhere.
LEI Everywhere has made it easier for financial institutions and service providers to access LEIs by enabling the full scope of GLEIF’s new validation agent programme.
LEI Everywhere provides an easier and clearer path to maintaining and obtaining LEI’s.
Technical implementation of the GLEIF Validation Agent role through the RapidLEI API and SaaS dashboard
Enhanced verification for both initial LEI registration and subsequent renewals, assisting KYC (Know Your Customer), AML (Anti-Money Laundering), Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) onboarding and client refresh cycles
Reduced annual fees – initial registrations at $11.99 and renewals at $5.99 (price include annual GLEIF fee)
This makes LEI easier and cheaper for end users, which benefits the ecosystem as a whole.
Who is able to use LEI Everywhere?
All validation agents that are GLEIF approved will have access to LEI Everywhere. Validation agents are typically financial institutions such as banks, fintech, regtech, and KYC/AML service providers, and trust service providers like certification authorities and business registries.
LEI Everywhere program helps organisations that are waiting to be approved by helping suitable candidates through the GLEIF validation agent process.
Advantages to legal entities.
LEI Everywhere initiative has lower price points which removes any financial barriers to obtain and maintain a LEI, thereby encouraging validation agents to bundle existing services on behalf of clients. LEI Everywhere helps eliminate friction of a representative of the legal entity having to register their LEI themselves.
As LEI issuance is integrated into more KYC/AML processes, it provides an ideal global identifier to correct various regionalised or private identifiers. This in turn helps to speed up any onboarding processes a legal entity may have to undertake, also ensuring the legal entity quickly meets LEI ownership requirements, thereby avoiding aunt transaction delays or non-compliance fines.
Advantages to KYC/AML service providers
LEI Everywhere is designed to help drive the KYC use cases:
Easier: use of API to provide ability to mass issue (and manage lifecycle) to all clients seamlessly
Less costly: the ability to leverage existing KYC processes dramatically reduces back-end costs. LEI Everywhere passes this saving on to the VA. The price points enable the VAs to absorb costs and bundle with other services.
Validation agents can obtain LEIs for clients by leveraging existing KYC/AML and client refresh processes whilst simultaneously removing duplication of data validation processes. In most cases, LEI Everywhere will augment existing organisation data pools with accurate legal entity data and associated attributes.
KYC/AML service providers will benefit by attracting new corporate customers who wish to use their services that harness the LEI.
LEI Everywhere allows validation agents to issue and manage LEIs on behalf of their clients more easily, and with a reduction in costs and investments.