New identifier service will streamline entity identification

Messaging platform SWIFT and the Global Legal Entity Identifier Foundation (GLEIF) have published the first monthly relationship file that matches a Business Identifier Code (BIC) assigned to an organisation against its Legal Entity Identifier (LEI).

With the launch of this open source file, GLEIF and SWIFT have pioneered a cooperation model that for the first time enables market participants to link and cross-reference these key entity identifiers free of charge.

The two organisations say this will significantly streamline entity verification processes and reduce data management costs.

Features

The BIC-to-LEI relationship file uses a mapping process established by SWIFT and certified by GLEIF. Published on the GLEIF website, it will be updated on a monthly basis.

To date, more than one million LEIs have been issued to legal entities globally. Of the approximate 130,000 BICs assigned to date, currently some 45,000 pertain to organisations that are legal entities or foreign branches, and therefore qualify for the mapping against LEIs.

Benefits

Availability of the open source BIC-to-LEI relationship file aims to facilitate the process of gathering, aggregating and reconciling counterparty information on parallel identification platforms.

This is particularly relevant to service providers concerned with client relationship management or due diligence relevant to know your customer and know your supplier requirements.



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