The Seven Step Process to Becoming a Validation Agent
Taking a closer look at the trial process with GLEIF’s latest eBook
Author: Stephan Wolf
In 2020, GLEIF launched a transformative new role into the Global LEI System: the Validation Agent.
Having listened to the challenges that financial institutions (FIs) were facing when it came to onboarding new clients, we introduced this new operational model to help FIs overcome delays and save time by removing duplicative processes across onboarding and LEI issuance.
The Validation Agent Framework empowers FIs to leverage their know your customer (KYC), anti-money laundering (AML) and other regulated business as usual onboarding processes, to obtain an LEI for their customers when verifying a client’s identity during initial onboarding or during a standard client refresh update. As a result, FIs acting as Validation Agents save time and cost while enhancing their client onboarding experience by removing the duplication of data validation processes.
By becoming Validation Agents financial institutions can also streamline, accelerate and diversify their use of the LEI, and ensure their autonomy as they look to digitize their business processes.
GLEIF signed JP Morgan as its first Validation Agent at the end of 2020 and is continuing to invite FIs to participate in the Framework’s trial phase and establish first-mover status in the market.
GLEIF is working to standardize the trial engagement process, but also acknowledges that every FI employs its own processes and departmental functions differently. This is why GLEIF is committed to working with each triallist individually to explore and define the Validation Agent role ‘in context’, and to ensure the Global LEI System continues to meet the sector’s needs.
The trial process is comprised of seven steps, as illustrated in the graphic below.
To provide more detail around what this process entails, our latest eBook details what FIs can expect at each stage of this trial, the benefits they can look to enjoy working as part of the Framework and answers some frequently asked questions.
Interested in finding out more? You can download the full eBook by clicking here, and if that doesn’t answer all your questions, our first eBook on the role of the Validation Agent might, which can be found here.
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Stephan Wolf is the CEO of the Global Legal Entity Identifier Foundation (GLEIF). Between January 2017 and June 2020, Mr. Wolf was Co-convener of the International Organization for Standardization Technical Committee 68 FinTech Technical Advisory Group (ISO TC 68 FinTech TAG). In January 2017, Mr. Wolf was named one of the Top 100 Leaders in Identity by One World Identity. He has extensive experience in establishing data operations and global implementation strategy. He has led the advancement of key business and product development strategies throughout his career. Mr. Wolf co-founded IS Innovative Software GmbH in 1989 and served first as its managing director. He was later named spokesman of the executive board of its successor IS.Teledata AG. This company ultimately became part of Interactive Data Corporation where Mr. Wolf held the role of CTO.