Business Wire India
The Global Legal Entity Identifier Foundation (GLEIF) today announced that JP Morgan has become the first verification agent in the Global LEI system.
Recognition agent framework, Announced by GLEIF in September 2020Enables financial institutions to improve their financial experience, accelerate the management of the customer lifecycle and costs using ‘Business-as-Always’ (their customers) (KYC) and anti-money laundering (AML) Reduces to. Customers.
JP Morgan, a wholly owned subsidiary of Depository Trust and Clearing Corporation (DTCC), and Business Entity Data BV (BED), the issuer of LEI, have issued the first LEI under the new verification agent model through GED’s GMEI utility service.
George Brandman, Managing Director, Reference Data Strategy, JP Morgan, comments: “Acting as a validation agent will allow us to improve our customer onboarding experience as well as create valuable industry LEI reference data. If most financial institutions implemented this service, it would increase the number of LEIs in production by leaps and bounds for the benefit of all. “
“DTCC is pleased to release the first LEI through the accreditation agent model for JP Morgan,” says Matt Stauffer, Managing Director and Head of Institutional Business Processing at DTCC, Matt Stauffer, Managing Director and Head of Institutional Business Processing . “Our collaboration with JP Morgan demonstrates the additional efficiency that can be achieved through the widespread use of LEI and supports our core mission of bringing increased efficiency and flexibility to the industry.”
Stephan Wolf, CEO, GLEIF, comment: “By becoming an accreditation agent, financial institutions realize a range of operational and strategic benefits, both now and over the long term. Not only does JP Morgan provide onboarding and lifecycle management processes to its customer Streamline, which will improve its customer experience, it can also use LEI in innovative service offerings. ”
Along with providing a faster, more convenient customer experience, validation agents may also be able to capitalize on new opportunities to add value to the customer and achieve market differentiation. By extending LEI issuance beyond LEI issuing customers for financial compliance, a Validation Agent can equip its entire business customer base with a globally recognized identity that can be used on new services and borders at any Can be delivered equivalently or with a supplier.
Wolf said, “Increasing LEI volumes and broadening their use will solve the issue of trust in financial transactions in the world.” “Verification agents like JP Morgan will play a key role in making this vision a reality. They contribute to the growth of the entire financial ecosystem and will ultimately benefit all stakeholders and the wider global economy. “
For more information about the recognition agent role, please see GLEIF website.
– ENDS –
Full resolution images and logos can be downloaded through this link
Global Legal Entity Identifier Foundation, St. Albans-Vorstad 5, 4052 Basel, Switzerland
Board Chairman: Steven Joachim, CEO: Stephen Wolf
Commercial-Register-No .: CHE-200.595.965, VAT-No .: CHE-200.595.965MWST
: http://bit.ly/1OXTYLo | : http://bit.ly/1Me7uZx | GLEIF Blog: http://bit.ly/1LylXkn
The content is by Business Wire India. Tech Media is not responsible for the content provided or any link related to this content. Tech Media is not responsible for the accuracy, timeliness or quality of content.