To conduct business digitally, counterparties must be identified without ambiguity. Many businesses use mapping solutions to do this. These match entity identifier A against entity identifier B to ensure that both are recognized as referring to the same organization. However, the kind of mapping needed to pinpoint the entities you are dealing with has not always been totally accurate or transparent enough. Up until now, that is. The Global Legal Entity Identifier Foundation (GLEIF) has established a free of charge certification process which ensures that organizations use state of the art methodologies to accurately map the Legal Entity Identifier (LEI) to their own identifiers. Watch this video to learn how GLEIF enables quality assured and open source mapping solutions.
Data vendors and other organizations can benefit significantly from mapping their applicable identifiers to the LEI, as this provides enhanced functionality to their customers: interoperability across parallel ID platforms streamlines entity verification processes and reduces data management costs for data users. Certification, and the subsequent publication by GLEIF of publicly available, open source relationship files which match identifiers against corresponding LEIs, eases the process of gathering, aggregating and reconciling counterparty information. In this way, we’re creating a perfect language for business. One that will help everyone to trust who they work with, whatever identifier they use.
The LEI connects to key reference information describing a legal entity including its ownership structure. With it, businesses benefit from the world’s strictest regime of regular data verification. And by mapping an alternate identifier to the LEI, a business automatically has access to the open and high quality LEI reference data. This protects its investment in existing software and processes while providing added value based on the reliable and trusted LEI data.
In February 2018, GLEIF and SWIFT introduced the first open source relationship file that matches a Business Identifier Code (BIC) assigned to an organization against its LEI. With the launch of this open source file, GLEIF and SWIFT have pioneered a cooperation model that, for the first time, enables market participants to link and cross-reference these key entity identifiers free of charge.
We know that every business working with entity identification has the same set of problems. The good news is that every business can have the same solution. And that solution is GLEIF’s open source, free and reliable mapping tables.
For more information on LEI mapping, please visit: gleif.org/en/lei-data/lei-mapping