The Global Legal Entity Identifier Foundation (GLEIF) has established a free of charge certification process – the GLEIF Certification of LEI Mapping service - to ensure that organizations which map the LEI to their own identifiers use reasonable methodologies and / or processes to do so accurately.
Data vendors and other organizations can benefit significantly from mapping their applicable identifiers to the Legal Entity Identifier (LEI). Vendors engaging in the GLEIF Certification of LEI Mapping service provide enhanced functionality to their customers: Interoperability across parallel ID platforms significantly streamlines entity verification processes and reduces data management costs for data users.
Certification, and the subsequent publication by GLEIF of publicly available, open source relationship files which match Mapping Partner identifiers against corresponding LEIs, eases the process of gathering, aggregating and reconciling counterparty information. This can be useful for many purposes including: compliance; regulatory reporting; client relationship management; and due diligence.
The Certification of Mapping service also supports the integrity of the Global LEI System, by ensuring that quality controls associated with mapping identifiers to the LEI meet or exceed requirements defined by GLEIF.
In February 2018, GLEIF announced a cooperation which piloted its Certification of LEI Mapping service: the publication of the first monthly open source Business Identifier Code (BIC)-to-LEI relationship file which is built upon a mapping process established by SWIFT and certified by GLEIF. The file matches BICs assigned to an organization against its LEI. With the launch of the open source BIC-to-LEI relationship files, GLEIF and SWIFT pioneered a cooperation model that, for the first time, enabled market participants to link and cross-reference key entity identifiers free of charge.
The BIC-to-LEI relationships and related regulatory reporting data are in high demand by market participants. Mapping LEIs can be resource intensive, but at SWIFT we have a dedicated team focused on establishing the relationships to the highest quality. We look forward to working with GLEIF and the industry as we continue to help streamline compliance with Basel II and other regulations.
SWIFT’s Global Head of Payments, Harry Newman
Entity identification can be a time-consuming, costly and complex task. Relevant information is often stored in disparate internal and external systems and tagged under different client ID numbers. The open source BIC-to-LEI relationship file is an important step towards consolidating information. This will significantly reduce the cost associated with entity verification to date.
GLEIF CEO, Stephan Wolf
For more information about the certification of LEI mapping service, contact firstname.lastname@example.org.