The emerging influence of legal entity identifiers in payments

Michael Knorr
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Michael Knorr: Head of Payments and Liquidity Management, Wells Fargo Bank, NA, USA

Journal of Payments Strategy & Systems, 2019, vol. 13, issue 1, 47-53

Abstract: Over the years, banks have invested in capabilities to utilise unique codes assigned to participants in interbank payment activity in order to identify each other. This has created high automation rates and enabled interbank payments to be processed efficiently. A similar benefit can be created when utilising legal entity identifiers (LEIs) across all participants in the payment chain. Regulatory authorities as well as the banks’ internal risk departments are concerned with the proper and unambiguous identification of participants in the payment process. This paper discusses the impact, benefits and cost of the LEI in payment instructions.

Keywords: CPMI; LEI; ISO 20022; SWIFT; PMPG (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2019:v:13:i:1:p:47-53

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