What is a LEI number?
Entrepreneurs can use an LEI number to conduct financial transactions. All necessary data can be viewed on the basis of the LEI number, for example, by a business partner. The data of all LEI number holders are recorded in a global database (GLEIS). This is publicly accessible and provides a concrete query after a few minutes.
The LEI number is issued by a transnational institution called GLEIF (Global Entity Identifier Foundation). This institution, which has been in existence since 2014, is based in Basel. LOUs (Local Operating Units) and registration agents are affiliated with it. The entrepreneur can apply for his LEI number via these. Simply fill out the form and send the application form. You can choose from several options. If you need the LEI number for several years, you can apply for an automated renewal in different models right away. An LEI number is only valid for one year and must then be renewed. If you have a contract for several years, we will take care of the renewal.
The issuance of an LEI number usually takes 24 hours after we receive the payment. Various payment methods are offered to make the processing procedure as smooth as possible.
The advantages of a LEI number
The biggest advantage is probably the collection of customer data. This used to be a lengthy process. Manually, respective ID cards were copied and matched with the data. In addition, a lot of data was required to ensure a secure way of buying shares. The concept of the LEI number has given the process a real boost. With the digitalization of the steps, it is now nothing more than a small online form to fill out. Likewise, the renewal of company data, renewal and cancellation is now subject to a functional system that can easily keep up with the fast-moving international financial market.
Public and transparent data minimizes the risk of a financial international transaction. This makes it easy to see who the trading partner is and what they stand for. This provides security that did not exist in this form before the LEI number.