Research conducted by McKinsey on behalf of the GLEIF discovered that global adoption of Legal Entity Identifiers (LEIs) could save the banking industry between $2-4 billion USD annually in onboarding costs alone. This figure represents 5-10% of the industries $40 billion annual overall spending on the practice.
The FSB identifies the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) as best positioned to be the single International Governance Body (IGB) for the UTI and UPI
An interesting development in the financial world of data standards. The Financial Stability Board or FSB has promoted the LEI ROC to also be the governance body for Unique Transaction Identifiers (UTIs) and Unique Product Identifiers (UPIs). What does all this mean for the financial services industry?
LEI Mapping is less about translating communications and more about making connectivity, interactions and identification more seamless. An example of where this can really benefit is a bank’s Know Your Customer due diligence process. It’s important for a bank to do KYC on new clients in order to reduce fraud but as we know, fraud is actually on the rise as banks struggle to make concrete identifications of their clients and customers.
Open banking, PSD2, digital ID – what do all of these have in common? They’re making financial transactions more efficient and safe. ISO 20022 is like the string that holds them all together – the standard language! Learn more about ISO 20022 in our guide. #Payments #Finance
Encryption can’t survive without identity. Legal Entity Identifiers provide the organisational identity that companies need for safe B2B transactions. This blog explores a world where LEIs and Digital Certificates meet.
I hope to complete this three part series with something a little more hopeful. How can we look to succeed at digital transformation, while remaining secure? What organisations and initiatives are driving this success?
Identity is important in digital transformation – I’ve already gone into detail about this in part 1 of this blog. But if it’s so important, then why are so many organisations struggling… Read more
Customers expect nothing less than a quick and easy process online; so, businesses are competing to find and integrate the newest technologies that will give their customer’s what they want…. Read more