GLEIF and OpenCorporates Develop Partnership to Enhance Authorized Entity Transparency in World Markets

LEI-mapping functionality enhanced as LEI knowledge hyperlinks to corresponding data in OpenCorporates database

18 April 2023 – Basel – The World Authorized Entity Identifier Basis (GLEIF) has introduced that LEIs have been linked with corresponding data in OpenCorporates’ world database of legal-entity knowledge, due to an enlargement of a long-standing partnership between the 2 organizations. OpenCorporates is the biggest open database of firms on this planet.

Each organizations are uniquely targeted on making certain that open and dependable entity reference knowledge is publicly accessible to advertise transparency and improve belief within the enterprise surroundings and simplify and cut back the price of buyer and third-party administration. Open, public, top quality, and electronically accessible firm knowledge is vital to deal with the hidden dangers in monetary markets and world provide chains, in addition to tackling cash laundering and the legal use of firms, significantly as enterprise operations change into extra automated.

Information customers, together with monetary establishments, authorities businesses, and firms, will profit considerably from these complementary datasets being linked. With LEIs now natively accessible within the OpenCorporates database, cross-referencing between these two datasets will facilitate a variety of compliance, surveillance, and due-diligence monitoring processes.

The collaboration delivers the next advantages to world knowledge customers:

  • Prolonged details about companies. Information customers can leverage the LEI to seamlessly hook up with the OpenCorporates dataset and vice versa. LEI knowledge solutions the query of ‘who owns who’, together with verified dad or mum and subsidiary relationships, whereas the OpenCorporates database of company registry data comprises foundational firm data, similar to present standing, named administrators, and business codes.
  • Streamlined knowledge administration. The addition of the LEI to the identifiers held within the OpenCorporates database, alongside the addition of OpenCorporates to a rising variety of different identifiers already mapped to the LEI, helps to streamline entity reconciliation processes and in flip cut back data-management prices.
  • More practical and environment friendly danger evaluation. Understanding a gaggle’s company construction from verified LEI knowledge, along with entry to a richer linked dataset, helps a wide range of different danger necessities, similar to counterparty publicity, for instance.
  • Straightforward integration of wider datasets. Many wider datasets already make the most of both the OpenCorporates or LEI identifiers (such because the OECD-UNSD Multinational Enterprise Data Platform or wider provide chain, helpful possession, sanctions, and plenty of Know-Your-Buyer and anti-financial crime platforms). This collaboration will permit industrial organizations, fintech companies and people working for the general public profit to extend innovation and insights by becoming a member of knowledge collectively.

“This newest collaboration with OpenCorporates will carry better transparency and identification administration efficiencies for tens of millions of knowledge customers globally,” feedback Stephan Wolf, CEO at GLEIF. “The LEI is the linchpin that connects the dots throughout a universe of entity identification. To play this position, interoperability with parallel identification platforms is essential. Connecting with the OpenCorporates database helps make sure that the best high quality reference knowledge is rapidly and simply accessible to all.”

Chris Taggart, CEO at OpenCorporates mentioned: “GLEIF and OpenCorporates share a standard function: to create a fairer, extra affluent, and sustainable society by bettering company transparency with trusted authorized entity data. Following a few years of profitable collaboration, we’re proud to broaden the scope of our relationship with GLEIF. With extra detailed data accessible to anybody who requires it, world organizations will probably be higher geared up to sort out corruption and criminality and create a extra trusted enterprise surroundings.”

GLEIF will publish open-source relationship recordsdata bi-weekly, in a CSV format, which is able to map LEIs to their corresponding data in OpenCorporates’ database. Mapped knowledge may even be integrated into the LEI Search and GLEIF API at a later stage. Greater than 50 % of the worldwide LEI inhabitants is now linked to the OpenCorporates database (given not all authorized entities with LEIs are formally registered – e.g., funds).

Along with offering OpenCorporates to LEI mapping, GLEIF has additionally licensed mapping relationships between S&P World’s Firm ID, SWIFT’s Market Identifier Code (MIC) and Enterprise Identifier Code (BIC), and the Affiliation of Nationwide Numbering Businesses’ (ANNA) Worldwide Securities Identification Numbers (ISIN).

Based in 2010, OpenCorporates has been instrumental in opening entry to company registries throughout Europe and North America and making trusted primary-source legal-entity knowledge overtly accessible as a single standardized dataset which now covers 220 million firms throughout 145 jurisdictions worldwide.

OpenCorporates has a protracted historical past with GLEIF; Chris Taggart, OpenCorporates’ founder, was on the inaugural GLEIF Board of Administrators. In 2019, the 2 organizations signed a Memorandum of Understanding to collaborate on authorized entity knowledge, and since then OpenCorporates’ knowledge has been used to assist the GLEIF knowledge high quality program, together with the automation of knowledge high quality checks and referrals of challenges to LEI issuing operations.

GLEIF encourages additional engagement with its Certification of LEI Mapping service, which is out there to knowledge distributors and different organizations freed from cost. GLEIF is already working with its Vendor Relationship Stakeholder Group to advance its mapping program targets.

Originally posted 2023-04-20 19:17:44.