Legal Entity
Identifier (LEI).

Leverage the power of the LEI for streamlined payment processes and regulatory compliance.

A comprehensive solution for efficient and reliable LEI verification.

  • BankCheck Validation includes the crucial step of validating the LEI, ensuring its accuracy for all parties involved, including the creditor, creditor agent, or intermediary.
  • This helps to secure compliance with payments regulations, promote interoperability across payment systems by ensuring consistent data, and minimise payment failures through thorough quality checks against other important identifiers like BIC, national clearing code, and IBAN.

    With our thorough validation of the LEI, you can confidently leverage the unique global identifier for automated KYC checks. 
What is the Legal Entity Identifier (LEI)?

LEI is a 20-character alphanumeric code used to identify legal entities worldwide.

Each LEI number is unique and exclusive, assigned to a company once and may not be assigned to any other company. The first four digits of the LEI represent the LEI Issuer, while the last two are checksum digits. This unique record is available to the public and contains information about a legal entity, such as its name, address, ownership structure, and other details that help identify the entity and its relationships with other organisations. It also includes information about the issuer and the status of the LEI. 
Legal Entity Identifier (LEI)

Maximise efficiency and eliminate errors in your payments process with BankCheck LEI Validation.

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BankCheck Validation is designed to ensure that payments reference data is present, correct and up-to-date at the point of entry. With over 70 separate data checks, (depending on the data submitted), BankCheck carries out a comprehensive health check on the state of the payment data before it enters the payments process, ensuring that failed payments are reduced to a minimum. 

One aspect of BankCheck Validation pertains to the validation of the Legal Entity Identifier (LEI).

    Legal Entity Identifier (LEI)

    Rest easy knowing that the accuracy and currency of the LEI is consistently checked every time it appears.

    This critical component is checked for accuracy and currency every time it appears, whether for the creditor, creditor agent, or intermediary. The tests verify that the LEI is active and correctly formatted, and that it is linked to a BIC, national clearing code, or IBAN.
    In cases where the LEI is present, but missing from the payment message, BankCheck allows for its insertion or suggestion based on other provided identifiers such as the IBAN or BIC. This ensures that all necessary information is included and validated, further increasing the reliability and success rate of payments.
    Legal Entity Identifier (LEI)

    Utilise BankCheck's LEI Validation feature to:

    • Ensure compliance with current regulations and promote interoperability across jurisdictions.
    • Prepare for future compliance measures as LEI usage becomes mandatory in more jurisdictions, (e.g. the upcoming UK CHAPS requirement in 2025).
    • Enhance payment processing efficiency by providing necessary information, such as the EU's requirement for including the LEI "where available".
    • Reduce false positives in KYC/sanctions name checks (if currently using name checks).
    • Expedite sanctions screening through the implementation of allowlists based on LEI information.

    Unlock the power of global reference data with BankCheck Payments.

    Gain access to the data you need to meet your business goals and initiatives.

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