The value of the Legal Entity Identifier for the payments industry

Victoria Cleland and Gerard Hartsink
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Victoria Cleland: Executive Director for Banking, Payments and Innovation, Bank of England, Threadneedle Street, London, EC2R 8AH, UK
Gerard Hartsink: Chairman, Global Legal Entity Identifier Foundation, Switzerland

Journal of Payments Strategy & Systems, 2019, vol. 13, issue 4, 322-336

Abstract: In November 2011, the G20 initiated the Legal Entity Identifier (LEI) programme for the development of a global system to uniquely identify parties engaged in financial transactions. Since then, over 1.4 million legal entities in over 200 jurisdictions have registered for an LEI. This paper describes the progress made in the implementation of the programme and sets out the potential benefits that LEIs offer as a global means of verifying identity in payments. It describes existing plans to incorporate LEIs into payments through the move to the ISO 20022 messaging standard, and the existing barriers to this adoption. It concludes by laying out a ‘call to action’ to all market participants (national international, public and private) explaining the steps required to realise the full potential LEIs can bring to the payments industry and the wider economy.

Keywords: FSB; Bank of England; GLEIF; LEI Regulatory Oversight Committee; ISO 17442 LEI; ISO 20022; Legal Entity Identifier (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:4:p:322-336

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