News & Media Press Releases

GLEIF Welcomes Support for the LEI within the CPMI ISO 20022 Data Requirements for Enhancing Cross-Border Payments and Wolfsberg Group Payment Transparency Standards

Industry advocacy for the inclusion of the LEI within ISO 20022 payment messages promises to support faster, cheaper, more transparent and inclusive cross-border transactions

  • Date: 2023-10-24

The Global Legal Entity Identifier Foundation (GLEIF) welcomes the support by several industry stakeholders for the use of the Legal Entity Identifier (LEI) within the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) 'Harmonized ISO 20022 data requirements for enhancing cross-border payments', alongside the Wolfsberg Group's updated 'Payment Transparency Standards'.

CPMI's ISO 20022 data requirements establish standardized messaging data for cross-border payments, supporting the LEI as equivalent to BIC. The LEI is backed by global industry stakeholders and recognized for its unique identification, international standard, and regulatory oversight. These requirements propose using LEI and/or BIC to identify financial institutions in cross-border payments, improving identification accuracy. The Wolfsberg Group has also updated its Payment Transparency Standards, emphasizing the use of LEI for payment transparency.

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