News & Media Press Releases

Savings, Efficiencies and Greater Reliability in Entity Verification Processes of a Combined Annual Value of $650M to the Financial Services Industry Identified in New Research into Legal Entity Identifiers

  • Date: 2017-10-17

New research undertaken by McKinsey & Company and the Global Legal Entity Identifier Foundation (GLEIF) estimates that broader, global adoption of Legal Entity Identifiers (LEIs) could yield annual savings of over $150m within the investment banking industry and up to $500m for banks in the issuance of letters of credit. Annual savings in investment banking would include at least 10 percent of total operational costs for onboarding clients and trading processing through the use of the LEI. These findings form part of a white paper which examines the potential use cases of the LEI in streamlining legal entity identification.

To download the McKinsey & Company and GLEIF white paper ‘The Legal Entity Identifier: The Value of the Unique Counterparty ID’, click here.