Stephan Wolf, GLEIF
The Global Legal Entity Identifier Foundation (GLEIF), the body responsible for ensuring the operational integrity of the Global Legal Entity Identifier (LEI) System, has launched its LEI 'Look-up' application programming interface (API). Developers can now directly access the complete LEI data pool in real time and perform on-demand checks for changes to specific LEI records.
The new API (Request/Response Web Interface) allows organizations to set up access to the Global LEI Index, which contains historical and current LEI records including related reference data in one central repository. The data provides the information on a legal entity identifiable with an LEI.
The GLEIF LEI Look-up API makes it possible to find up to 200 LEI records included in the Global LEI Index with one request. Consequently, data users are now able to retrieve information on specific LEIs with the API instead of having to download the file comprising the entire LEI population or to manually search for individual records. The integration of an LEI look-up functionality into in-house systems using the API supports processes including:
- Know-your-customer (KYC): Financial institutions and other market participants can streamline work flows by rapidly validating information against a customized list of LEI records.
- Client on-boarding: Firms may consider deepening the use of the LEI within their client on-boarding infrastructures so as to benefit from up-to-date reference data available within the Global LEI Index.
- Compliance: Public authorities are able to efficiently verify whether legal entities meet legal requirements related to the use of the LEI in regulatory reporting, e.g. if the entity's LEI has been duly renewed.
GLEIF CEO, Stephan Wolf, comments: "The first version of the LEI Look-up API was built to meet the principal needs articulated by more than forty organizations representing LEI data users who participated in a beta test carried out earlier in 2017. Going forward, the application will continue to evolve based on feedback received from stakeholders."