Irish FinTech launches new global LEI Registration platform
LEI Worldwide has launched a new LEI Registration & Management platform called RAMP 2.0 to facilitate the global adoption of the Legal Entity Identifier (LEI). The LEI initiative is an undertaking mandated by regulators and governments globally to increase transparency in B2B transactions, with an emphasis in regulated markets.
An LEI is a unique 20 digit alpha-numeric code assigned to legal entities participating in regulated financial transactions. Each LEI code is uploaded to the Global LEI directory and users of this freely accessible and up to date entity data is visible by conducting a search against an entity name or LEI code.
Each LEI record will show key reference data about the entity such as legal name, address, date of incorporation and it is the only global identifier that requires annual renewal, ensuring up to date and reliable data.
The first universal entity identifier of its kind, the LEI system is backed by the G20 Nations and Financial Stability Board, who recently recommended broader use of the LEI for the purpose of identification of counterparties in cross-border financial transactions.
“Broader use of the #LegalEntityIdentifer could facilitate straight through processing (STP), reducing costs and increasing speed in transactions, and could assist market participants in meeting Know-Your-Customer (KYC) requirements.” – Financial Stability Board (FSB).
Based in Dublin, LEI Worldwide are an Official GLEIF Registration Agent whose role it is to assist their clients in the registration of an LEI for their (or their clients) LEIs have released a new fully automated software which allows for faster, more accurate and less risky LEI procurement and management.
RAMP utilises public company registry databases APIs to allow for faster aggregation of company data, thus faster and more scalable issuance of an LEI for the end user. This new system, a first of its kind will facilitate broader adoption of the LEI as a wider public good by achieving scale through automation. For example, the RAMP engine is plugged into the CRO and Companies House databases to allow LEI applicants locate their company in a list of auto-filled, pre-search results. This means entity data is pulled directly from source, reducing data quality fails and ensuring only trusted sources of truth are used to verify legal entities.
Darragh Hayes, CEO of LEI Worldwide stated in an interview, “We make it easier for firms to meet their LEI regulatory obligations by providing LEI codes much faster and reducing the risk of having a lapsed or expired LEI with our multi-year packages. Our RegTech solution, RAMP also allows banks, asset managers, law firms easily manage a large portfolio of Legal Entity Identifiers, and import LEIs that may be scattered across numerous providers.”
The Legal Entity Identifier has been widely embraced by global financial regulatory bodies, being mandated by over 116+ regulations worldwide, such as Banks, ESMA the SEC and the CFTC in America.
Irish companies require an LEI under a litany of various EU regulations such MiFID 2, EMiR, the Market Abuse Regulations this extends to Funds under AIFMD and insurance companies under Solvency 2. In order to get an LEI in Ireland, or an LEI for an Irish company you can visit LEI Worldwide or get in touch with them.
Contact details can be found on their Ireland FinTech listing here.