What is an LEI?

What is an LEI?

LEIs are: A bit like a fingerprint. But for companies. A bit like a business card. But with a third-party stamp of approval. A bit like DNA. But something you need to register. A bit like a passport. But without the fuss, the forms or the queues.

What are the benefits of LEIs?

When you use LEIs, you can undermine scams run in your name. When you use LEIs, everyone in your supply chain can trust who they’re dealing with. When you use LEIs, everyone knows that you are serious about your reputation. Our RapidLEI service takes the existing registrations for your organisation, verifies it, and automates an approval process for directors to approve the LEI registration.   Stephan Wolf, CEO of GLEIF says:
‘Working with Trustify supports our approach on LEI automation and our focus on embedding LEI in other services. We believe that the future of any organisation will require business authentication as a pre-requisite. ’]
[CTA – Sign up to our RapidLEI service here – Kev to put in link]

FAQs about LEIs

What is an LEI?

The LEI is a G20-endorsed global verifiable unique code that confirms your company’s identity and group structure. LEIs were originally designed to meet an increasing amount of regulation (eg MIFID) and are essential for any company conducting financial transactions worldwide. LEIs are increasingly becoming the norm in other industries where supply chain, logistics or consumer trust play a key part. In the future, we expect to see even more regulations requiring the use of LEI.

Why should you use an LEI?

Some organisations have to use LEIs. They effectively answer the question ‘do you know your client?’ They make identifying a corporate entity a lot easier and are now used by over 1.2m companies and organisations around the world. If used proactively, they are inexpensive and work across your digital real estate but can prevent losses costing thousands or millions of dollars, euros or pounds. They are an instant form of nonrepudiation, they engender trust.

How do I get an LEI?

RapidLEI, an accredited LEI issuer, automates and simplifies how organisations obtain and manage their LEIs. Rapid LEI avoids repetitive and arduous form filling, it makes the LEI process faster, easier and far more accurate. RapidLEI connects to distributed databases around the world in real time and its systems fill in the application data for you. RapidLEI will find your organisation as you type, extract the critical data such as your official address, registration number, and jurisdiction. Its systems identify your directors and take them to the LEI contract signing process via their browser. No printing. No faxing. No emailing. If you have all the information at your fingertips, you can easily complete the process within minutes.

How do LEIs help with cyber security?

Trustify firmly believes that 2019 is the year in which business authentication will come to the fore. LEIs are one part of knowing who you are really dealing with online – an independent, validated way of knowing that you are dealing with the real organisation and not a rogue scammer. Combining the LEI and certificate services we offer mean that both you and your web visitors know that they are dealing with a secure website when they transact with you. And that trust is the difference between winning and failing in 2019 as 7/10 consumers won’t transact with a site that they think has security flaws. You can use LEIs to authenticate your online transactions and to make sure that your supply chain is transparent.

Is the LEI a blockchain technology?

LEIs aren’t blockchain. LEIs allow you to do away with the need for a blockchain as enables legacy data can be joined up and these disparate silos can then be authenticated by using the LEI. That can take place all the way across your supply chain without the need to rebuild your existing models, products or services. What is the difference between RapidLEI and other services? We’re not the only provider of LEI services. However, we are the best because we’ve eradicated all the pointless and lengthy admin that delays others in issuing your LEI. Our automated processes are simply more efficient than others’ manual processes.

How do I keep it up to date?

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