After just two years in operation, Ubisecure’s LEI business, RapidLEI is now issuing 1/8 LEIs worldwide, making them the #1 issuer outside of the U.S. ManagedLEI uses the RapidLEI engine to sell its LEIs and we know we made the right choice!
RapidLEI look like they’re on track to overtake Bloomberg in LEI issuance pretty soon.
Here are a few stats to give you a taste of how well RapidLEI are doing:
Since their launch in June 2018, RapidLEI has undergone a huge expansion.
The reason for this phenomenal progress is simple. RapidLEI’s engine allows partners like us to sell LEIs faster than other providers on the market. ManagedLEI can offer more flexibility to its clients, for example, by offering up to 6 year LEIs hassle-free and cost-effectively.
Organisations looking to manage large portfolios of LEIs, such as banks and financial institutions can take advantage of our hassle-free management without worrying about lapsed LEIs.
If you’re a business trading on the financial market, you need an LEI. Many regional regulatory bodies are requiring the use of Legal Entity Identifiers for transparent trade reporting requirements. The LEI structure has its own ISO standard ISO 17442 and is also mentioned in the ISO 20022 standard.
LEIs are intended to drive greater transparency in the financial market following the financial crash of 2008. Obtaining one requires that your organisation is vetted so that the LEI itself includes standardised information such as company name and headquarters as well as parent or child organisations.
It has also been indicated by McKinsey Research that LEIs have the potential to save the banking industry $2-4 Billion in Know Your Customer procedures and onboarding costs. To put this into context, right now, identifying companies and standardising data across borders is a costly and time-consuming process for banks. A simple solution would be to have a global standard for entity identification that could be trusted, easily accessed, easily mapped to other identifiers such as BIC and embedded into automated online KYC procedures.
I have little doubt that Legal Entity Identifiers will be around for the foreseeable future. While the only companies requiring them right now are those that are trading on the financial market, it will become an inevitability for all organisations large and small. In an increasingly digital age, online fraud is not going away and if we have a safe and trusted way to identify organisations online, we’re taking a huge step in the right direction to save huge amounts of money.
Our passion for entity identification has led us to become a trusted partner of RapidLEI and through our website, we can offer multi-year discounts on LEI Numbers.
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