Our Vision: One Identity Behind Every Business
The Global Legal Entity Identifier Foundation (GLEIF) enables smarter, less costly and more reliable decisions about who to do business with.
We do this by supporting the implementation of the Legal Entity Identifier (LEI) and by making available the Global LEI Index. It is the only global online source that provides open, standardized and high quality legal entity reference data. The Global LEI Index consists of a golden copy of all past and current LEI records including related reference data in one repository. The reference data represents the information on a legal entity identifiable with an LEI.
We believe that ultimately there should be one identity behind every business. Having an LEI will help to achieve this objective. We are on a journey to increase the rate of LEI adoption so that in the future, the Global LEI Index will capture an increasing number of entities engaging in financial transactions globally, providing a 360-degree view.
The business case for obtaining an LEI
Entity identification can be a time-consuming, costly and complex task; most organizations do not yet maintain a single database supplying up to date reference to existing or prospective clients, business partners and counterparties. Instead, information available to businesses is often distributed across multiple, siloed databases. This leads to a situation where the available information may be contradictory or confusing rather than useful for identifying an entity.
Suppliers and users of legal entity identification solutions to date largely rely on a multitude of proprietary and costly data management models each providing non-standardized information on actors engaged in specific market segments. Gathering and maintaining related data requires replicating efforts across the market tying up resources that could be spent more productively elsewhere.
In short, businesses across the globe are grappling with how to develop and implement a common entity identification system that could serve as a linchpin to identify financial market participants and connect data.
LEI is the linchpin that connects the dots across the universe of entity identification
Alternatively, establishing the Global LEI Index as the primary source providing reference data identifying corporate, mid-sized and even small enterprises active in any market segment could create additional efficiency gains for the entire business community. If your counterparts – corporate customers, providers and other business partners – could all be uniquely, easily and speedily identified with the LEI, that could provide you with cost benefits and new business opportunities. Accessing and using the LEI data pool could support a multitude of applications in, for example, risk management, compliance, and client relationship management.
Once fully deployed by market participants, the Global LEI Index will remove efforts associated to date with the maintenance of entity reference data. Taking advantage of the Global LEI Index will empower data suppliers and their customers as well as the wider business community to cut costs, simplify and accelerate operations and gain deeper insight into the global market place.
The LEI is the linchpin that connects the dots across the universe of entity identification in the digital age. The benefits for the wider business community to be generated with the Global LEI Index could grow in line with the rate of LEI adoption.
GLEIF is calling on private and public sector organizations across the globe to consider the benefits of having an LEI.