31 May RapidLEI brings automated Legal Entity Identifiers (LEI) to millions of companies
Earlier this month we announced that Ubisecure is now an accredited LEI issuer. Today Ubisecure has fully launched the RapidLEI SaaS application. RapidLEI dramatically improves how quickly and easily companies apply for and manage their Legal Entity Identifiers (LEI) – hence the name RapidLEI. See the explainer video below:
As a background on LEIs, the number is a G20 endorsed, globally verifiable unique code that confirms your company’s identity and group structure. LEIs are required to meet an increasing amount of regulation (e.g. MiFID II, MiFIR) and are essential for any company conducting financial transactions worldwide. It gives previously unavailable corporate identity transparency and are used by over a million companies around the world.
The problem is that LEIs are not that easy to obtain. Companies are expected to complete long application forms, find data about their company they don’t easily have on hand. This isn’t just painful for the applicant, the complexity of the data leads to high levels of inaccuracy – negating the very benefits LEIs are designed to provide.
This is where RapidLEI helps. We connect to many distributed databases around the world in real time, and our systems fill the application data for you. RapidLEI will find your company as you type, extract the critical data such as your official address, registration number and jurisdiction. Our systems identify who your Directors are and take them into the LEI contract signing process via their browser. No printing, no faxing, no mailing. Same goes for transferring existing LEIs into the RapidLEI platform – completely automated and very easy to do.
RapidLEI is taking on the biggest LEI issuers – Bloomberg, DTCC and London Stock Exchange. Between them they hold a large share of the 1.2 million LEIs issued. All rely on manual processes.
In the future we expect to see even more regulations demanding the use of LEIs. We also expect to see evolving use-cases for the LEI such as overlap into the identity space for SSL/TLS.
Steve Roylance, VP Identity Services at Ubisecure and the architect behind the platform said for the press release:
Today the LEI use case is very much about the well-defined need to meet the growing number of regulatory requirements, and we’re pleased that the RapidLEI service will allow organisations to obtain their LEIs faster and easier than ever before. We see that LEIs have the potential to be a strategic core component of a much larger online identity ecosystem. Along with the Ubisecure team and its investors, we’ve spent years participating in, monitoring and shaping the online identity industry for greater transparency and trust, and we see considerably wider use cases for LEIs as we bridge this G20 endorsed physical world identity system with its online counterpart(s). As well as providing a faster and better way to obtain LEIs here and now, we’re working closely with identity ecosystem stakeholders to build LEIs into the very fabric of how companies use their verified identities to improve how they do trusted business online.
Companies can apply for LEIs directly at https://rapidlei.com and Partners can sell LEIs via their own websites. Firms that require their clients to use LEIs can buy and manage LEIs on behalf of their clients too if needed. RapidLEI covers jurasdictions of 90%+ of all issued LEIs.