LEI Worldwide Leads The Way In Global Adoption Of Legal Entity Identifier (LEI) Codes

Article: LEI Worldwide Leads The Way In Global Adoption Of Legal Entity Identifier (LEI) Codes

The LEI is a G20 endorsed globally verifiable unique identity code. The LEI exists to confirm the identity, and existence of a company and its structure on an international level.

The objective of the LEI system is to deliver transparency to the global financial system, although the benefits are far greater. The LEI improves KYC workflows and increases trust in transactions on a global scale and is even predicted to save the banking industry between 2-4 Billion USD annually!

LEI Worldwide are an Official GLEIF Registration Agent providing LEI management solutions for fintech companies, government agencies and individual organisations all around the world.
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LEI Worldwide facilitate these benefits by providing a support system for entities which require LEIs by working closely with world leading issuers RapidLEI & Ubisecure to provide the best solutions on the market.

Founded in 2017 as one of the first established LEI Registration Agents, LEI Worldwide was originally formed to help organisations meet their regulatory requirements, with an emphasis on the updated Markets in Financial Instruments Directive (MiFID II) & regulation (MiFIR) and to assist entities in the process of obtaining and managing their LEI numbers and supporting the LOU in their role of screening for quality data.

​LEI Worldwide are currently managing a large portfolio of client LEIs, including some big name brands. Darragh Hayes, Director at LEI Worldwide stated;

"One of the biggest issues we see facing large companies with a high volume of LEIs is that they are registered all over the place with various LEI issuers.

​​Different people within their organisation will have access to the accounts and passwords restricting access to manage the LEIs and team members in different branches may not know who initially applied for a particular set of LEIs. This often results in confusion and ultimately a lapsed LEI which can have grave consequences.

​We help by providing these usually large corporations with a single LEI management solution.
​This allows the whole organisation to use LEI Worldwide as a single point of contact to monitor, renew or access their LEI data, without the use of passwords or multiple accounts."

Thanks for Registering and Renewing our LEIs. We are extremely satisfied with your service and response to our queries.
We appreciate for you to continue your good work. Thanks!”
– Midhun Ravindranath, Treasurer, Emirates

Q: Why is the LEI important, and why should I get one?

After the financial crisis in 2008, leading institutions were put in a precarious position as vast numbers of legal entities were indistinguishable and had no one which could be relied upon. The G20 launched the LEI system in 2011 in order to ensure this would never happen again.
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The idea was to create a digital database of all legal entities which was easily accessible, accurate and up to date. One centralized source of information, that contains vast amounts of attainable, high quality data.

Currently, LEIs are required by all firms conducting transactions within the global financial system. However, the benefits of having an LEI are greater than the necessity and that is why many companies are applying for their LEI codes in greater numbers than ever.
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Immediate benefits include providing you with an instant credibility boost, and an internationally recognised identity card. The LEI is the most modern and trusted way to protect your online identity and build trust in your company. You can also benefit from the added layer of identity security and prevent any such related errors.

“The Legal Entity Identifier has potential to become recognized as the primary global identifier for all organisations and institutions.
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​The LEI is Connecting organisations, creating global transparency in the financial markets and transforming the way we do business on a global scale.

It is the mission of LEI Worldwide to facilitate this global mass adoption to the Legal Entity Identifier, by making them as accessible as possible to entities all over the world." – Robert O’ Reilly, Senior Partner, LEI Worldwide

Q: How to get a Legal Entity Identifier

Obtaining a Legal Entity Identifier is a very simple process. LEI Worldwide provide the platform to easily:
• Register a new LEI for a legal entity
• Renew an existing LEI
• Transfer an existing LEI to LEI Worldwide for free
• Make bulk orders, renewals or transfers in one go
• Register an LEI for up to 3 or 5 years which includes large discounts
• LEI Reselling: If you are interested in re-selling LEIs to your client base LEI Worldwide can set you up with the architecture to do so on your own website or to do so on the RapidLEI platform.

To find out more simply contact [email protected]

Article by: TechCompanyNews.com