The World wide Lawful Entity Identifier Foundation (Gleif) is contacting on economic establishments to just take on a new ‘validation agent’ part inside the global LEI system.
Gleif is contacting on firms to faucet their KYC, AML and other ‘business-as-usual’ onboarding procedures as validation brokers to obtain LEIs for their prospects when verifying their identities for the duration of onboarding and refresh updates.
By turning into validation brokers, Gleif claims that FIs can spare their purchasers from labour intensive duplicative processes and deliver a faster and much more hassle-free client practical experience.
The agents on their own also gain by boosting their internal data administration capabilities and reducing charges. It also paves the way for FIs to extend their usage of the LEI further than capital marketplaces to encompass all banking business strains, which Gleif claims could preserve the sector $2-4 billion yearly in shopper onboarding costs by itself.
Stephan Wolf, CEO, Gleif, claims: “The Validation Agent job can help economic institutions to strengthen their functions and enable their prospects to much more rapidly attain their desired fiscal transactions.
“By getting to be Validation Agents financial institutions can streamline, accelerate and diversify their use of the LEI, and guarantee their autonomy as they seem to digitize their enterprise processes.”