The Global Legal Entity Identifier Foundation (GLEIF), the body responsible for ensuring the operational integrity of the Global Legal Entity Identifier (LEI) System, today launched its LEI ‘Look-up’ application programming interface (API). It provides developers with the opportunity to directly access the complete LEI data pool in real time and to perform on-demand checks for changes to specific LEI records in a convenient, easy-to-read format. The application responds to market needs identified during a beta test, carried out earlier in 2017, which involved multiple LEI stakeholders including financial institutions, regulators, fintech companies and analysts seeking to include LEI data in automated processes.
The new API (Request/Response Web Interface) allows organizations to set up fast, customized and automated access to the Global LEI Index, which contains historical and current LEI records including related reference data in one authoritative, central repository. The data provides the information on a legal entity identifiable with an LEI. The publicly available LEI data pool is the only global online source that offers open, standardized and high quality legal entity reference data.
The GLEIF LEI Look-up API makes it possible to easily find up to 200 LEI records included in the Global LEI Index with one request. Consequently, data users are now able to speedily 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 a wide range of processes including, for example:
- 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: “We are committed to providing services that empower market participants to take advantage of the wealth of information available within the LEI data pool. Our new API further contributes to meeting this goal by enabling any interested party to quickly obtain updates with regard to a pre-defined list of LEI records.” He adds: “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.”