London, UK & Helsinki, Finland – May 31, 2018 – Ubisecure, a leading b2b Identity Services software provider and cloud services enabler, today announced the launch of RapidLEI, a globally available platform designed from the ground-up to automate the Legal Entity Identifier (LEI) application process, making it faster, more accurate and dramatically easier for companies to obtain and manage LEI(s). To date, over 1.2m LEIs have been issued by approximately 30 LEI Issuers, also known as Local Operating Units (LOUs), many of which rely on manual processing and are focused on their local jurisdiction rather than the global market.
An LEI code is a G20 endorsed unique 20-character alphanumeric identifier code assigned to a single Legal Entity and entered into a public, distributed database, making it identifiable on a global basis. Financial transaction regulations such as MiFID II, EMIR & MAR now require the use of LEIs. The LEI system serves to provide transparency for organisation identity, known as level 1 ‘who is who’ reference data, and organisation ownership, known as level 2 ‘who owns whom’ reference data.
Using cutting edge automation, RapidLEI brings much needed simplification to the LEI market. The RapidLEI platform integrates with country wide and state focused business registries in real time using additional algorithms and intelligence to make LEIs more accessible and efficient for companies to manage, thereby reducing the total cost of ownership throughout the LEI’s annual lifecycle. Additionally, the automation reduces human error and yields a significant improvement in the accuracy of company identity reference data. Increased data accuracy, both directly and indirectly, benefits all stakeholders who rely on the Open Data Charter based LEI database of company identity data.
The RapidLEI Identity Management platform was architected by Ubisecure’s Steve Roylance – an online identity industry veteran and the founder of the CA/B Forum, a consortium of certification authorities, browser and operating system vendors that promulgates industry guidelines governing the issuance and management of digital certificates such as the Extended Validation SSL/TLS Certificate.
“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.” said Steve Roylance, VP Identity Services for Ubisecure, “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.”