The LEI has quickly proven its value as the “one identity behind every business”. The use of LEIs by regulators is now expanding beyond specific financial reporting to new payment standards driven by ISO20022 and SWIFT. Get ready, because the number of LEIs in use will increase by an order of magnitude.
Banks, payment processing companies and FinTech solution providers must have a plan for registering and managing LEIs to avoid disruption to key payment processes:
“Now is the appropriate time for the payment industry to begin its adoption of the LEI.”