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RapidLEI Debuts On-Demand Legal Entity Identifier API
Traders Magazine Online News, February 28, 2019
RapidLEI, a GLEIF accredited LEI issuer specialising in the automation of the LEI provision process, has launched the industry’s first comprehensive API designed to streamline and simplify the complexities of Legal Entity Identifier registration and management. Companies utilising the identity assurance benefits of LEIs in applications and business workflows (such as organisation KYC, trades, or standalone LEI services) can use the API for same-session issuance of the LEI – only made possible because the RapidLEI platform automates the LEI registration process.
The RapidLEI platform connects with Business Registries in real time to ease application and ensure data accuracy, dramatically accelerated issuance, and overall simplification of the LEI management process. This unique proposition is now available to third party application developers through the new API, allowing the registration of on-demand LEIs to be built into a wide range of use cases. For example:
- Registration Agents (RA) – RAs are accredited and official providers of LEIs. The API reduces back office workload as RAs can streamline how they offer LEIs to customers and partners.
- Banks & FinTech – Innovative banks and fintech companies can build on-demand requests and same-session issuance for LEIs into KYC onboarding, trades and transaction workflows.
- Certificate Authorities (CA) – any company issuing public Digital Certificates can build same-session request and issuance for LEI for inclusion in Certs, use LEIs to improve organisation validation workflows, and resell standalone LEIs.
In all use cases, API users can reduce entity identity validation processing costs and time, reduce risk, improve data accuracy, and allow service providers across all industries to differentiate with new LEI enhanced products and services.
Nilesh Patel, Channel Manager with Ubisecure’s RapidLEI said “We launched RapidLEI in the summer of 2018 with a goal to take on the incumbents including Bloomberg, DTCC and many of the world’s stock exchanges. Our success so far has been inspiring. But now we raise the bar further and repeat for entity identification what Stripe has done for payments by taking a very complex set of multi-party workflows and reduce that to just a handful of lines of code.”
Paul Tourret, Corporate Development Officer for Ubisecure’s RapidLEI said “LEIs can connect the dots between individual, thing and organisation identity, which will give rise to future applications like standardised right to represent. It’s very important that we make LEIs much more widely available through third party applications, and the new API will enable this. Identity stakeholder groups are now paying close attention to how the LEI ecosystem is evolving with new use cases and best practices and we are happy to be at the forefront innovating. We saw this from our time in the SSL industry, and we’ll see it again with LEI.”
RapidLEI has been developed by Ubisecure, an identity services specialist focused on developing services to automate the interactions & assurances within the three identity domains: individuals, organisations & things. Being an accredited Legal Identity Identifier issuer is core to its mission. Since launching RapidLEI, the company has grown quickly, outpacing household name financial institutions, with growth driven by a disruptive approach that combines automation, excellent customer service, and the establishment of an extended partner network.
Further API details, including documentation, code references and examples are available at www.rapidlei.com/developers.
ABOUT LEIs
A Legal Entity Identifier 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.
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