The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions.
The LEI system was initiated as a response to the financial crisis and is aimed at improving transparency in financial data systems. Presently, there are several methods of identifying entities across various markets and countries. However, the Global LEI System (GLEIS), when fully operational will ensure that there is just one standard system.
● There are numerous regulations among jurisdictions that require the use of LEI’s. However, the main idea of Global Legal Entity Identifier is to simplify, standardize and provide the ease of identification of any legal entity worldwide.
● Th API allows organizations to set up fast and automated access for verification to the Global LEI Index