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
The ManagedLEI website touches on the Global Legal Entity Identifier Foundation or GLIEF as I’ll refer to them here on out. However, the page only provides a quick summary of… Read more
The Markets in Financial Instruments Directive 2 (MiFID II), took effect in January 2008, revising the original Markets in Financial Instruments Directive (MiFID I) of November 2007. Its purpose? To… Read more
What is a Legal Entity Identifier (LEI)? A Legal Entity Identifier or LEI Number is a 20-digit unique code defined by the ISO 17442 standard. An LEI number can be… Read more