FinClusive Launches as a Validation Agent in the Global Legal Entity Identifier System (GLEIS)

Through a partnership with Ubisecure, FinClusive's Compliance-as-a-Service clients will gain streamlined Legal Entity Identifier registration for KYC/KYB services.

RapidLEI and FinClusive partnership

Ubisecure, the leading Legal Entity Identifier (LEI) issuer known for its RapidLEI service, and FinClusive, a hybrid financial-/regulatory-technology company that enables digital access to accounts and payments with embedded full-stack financial crimes compliance, have announced a partnership to streamline registration of LEIs within FinClusive's Compliance-as-a-Service (CaaS) solution for Know Your Customer (KYC) / Know Your Business (KYB) client onboarding, monitoring, and management.

FinClusive has been approved by the Global LEI Foundation (GLEIF) as a Ubisecure Validation Agent (VA). This means FinClusive is now able to leverage its comprehensive and global KYC/KYB, AML, and compliance workflows to obtain LEIs for clients when verifying a client's identity during initial onboarding or anytime during client engagement. This streamlines both the validation of LEI data and the subsequent registration (and renewal) of the LEI.

"Corporate and entity verification and validation remains a significant challenge for many financial services providers. By partnering with GLEIF and Ubisecure/RapidLEI, we aim to drive further adoption of LEIs to enable comprehensive compliance and further assist organizations in providing essential financial services to many who remain outside formal banking." - Amit Sharma, FinClusive CEO.

Paul Tourret, Corporate Development Officer for Ubisecure & RapidLEI said, "LEIs present high value to any organization using KYC/KYB services when onboarding new clients. Including LEI registration and management in FinClusive's Compliance-as-a-Service solution will lead to broader use of the LEI, especially in the underserved or excluded markets for which FinClusive enables secure and trusted financial services. For FinClusive to launch services as a GLEIF-approved Validation Agent is an important evolutionary step for the entire LEI ecosystem".

FinClusive provides a single consolidated risk and compliance gateway that provides access to insured accounts and secure payments, with embedded full-service financial crimes compliance. Their CaaS application integrates hundreds of global data, watchlist, screening, and due diligence tools, including offline data and analysis that help ensure institutions "know their businesses" thoroughly — strengthening compliance controls, and ensuring LEIs are supported with comprehensive background information. The company is focused on the growing nonbank financial services marketplace, especially those providing services to the financially underserved and excluded. Customers include non-banks, money services businesses (MSBs), virtual asset service providers, fintech companies, and community-based financial institutions, as well as more traditional global corporates, NGOs, and individuals.

Ubisecure launched its LEI service, named RapidLEI, in 2018 with a mission to revolutionize the LEI market and drive new LEI-based use cases. RapidLEI has reduced the LEI issuance speed from days to seconds by developing unique automation technology while consistently achieving accurate LEI data quality. Within two years of launching, RapidLEI became the number one LEI Issuer globally for new LEI issuance. VA partners benefit from RapidLEI's automated entity verification workflows, meaning that accurate, verified LEIs are issued quickly and without friction.

"The Validation Agent role helps financial institutions, including KYC-providers, to improve their operations and enable their customers to more quickly achieve their desired financial transactions. From a macro level, broader LEI usage and increasing volumes translate into faster onboarding of new clients, more efficient financial transactions and better risk management. Validation Agents contribute to growth across the entire ecosystem, which will benefit all financial ecosystem stakeholders, as well as the global economy," comments Stephan Wolf, GLEIF CEO.

The VA status granted to FinClusive greatly reduces the cost of LEIs by removing cost barriers for VAs to manage LEIs on behalf of clients or create new revenue streams from LEIs. The incorporation of LEI issuance and management into FinClusive's CaaS solution also creates a smoother onboarding experience for clients, ensures comprehensive diligence, and reduces the risk of regulatory non-compliance.

LEIs can also be used to connect KYC/KYB elements derived from multiple data aggregators, leading to more efficient workflows and lower verification costs. In general, the LEI ecosystem will benefit from the broader use of LEIs in KYC/KYB as the LEI database becomes enriched, especially in underserviced, marginalized, or traditionally excluded markets.

FinClusive will now be able to add LEIs as attributes to existing customer digital identities, bringing additional efficiencies through the assignment of unique FinClusive IDs (FinCIDs) for all individuals and organizations coming through CaaS, and further enabling compliant-centric access to services, while preserving essential privacy controls.

Ubisecure and FinClusive plan to deepen their partnership as the GLEIF-led Verifiable LEI (vLEI) is formalized in late 2021. Please visit us here to learn more about FinClusive's Compliance as a Service (CaaS) and Accounts & Payments (A&P) applications. You can also learn more about the CIFWG and FinClusive's efforts to drive modernized compliance in a rapidly evolving financial services landscape with the CIFWG and our global partners at https://www.finclusive.com/rulebook.

To learn more about RapidLEI and the Validation Agent solution please visit https://rapidlei.com/gleif-validation-agents/. For more information on the LEI market, please visit RapidLEI's LEI Stats resources.

About FinClusive

FinClusive is a hybrid financial-/regulatory-technology company that enables digital access to accounts and payments with embedded full-stack financial crimes compliance — in one integrated platform. Our application connects U.S. bank of record partners (for deposit and custody services) and alternative financial services providers, nonbank institutions, corporates, non-profits, and other organizations to conduct cross-border payments over virtual asset/blockchain and traditional bank rails, with global-standard full-service compliance.

As a compliance-first financial inclusion gateway, FinClusive uses new technology to provide comprehensive risk and compliance services for institutions and individuals who are underbanked, unbanked, or otherwise excluded (or "de-risked") from the formal financial marketplace. FinClusive's Compliance as a Service (CaaS) includes a wide array of know-your-business (KYB) tools, background due diligence, and organization-verification capabilities to ensure comprehensive understanding, vetting, and monitoring of entities globally. As such, FinClusive addresses financial inclusion by providing the necessary full scope of tools required to manage regulatory compliance and serve as a safe and secure financial access and facilitation channel for institutions and individuals globally.

FinCIDs can assist in adherence to the 'travel rule' where a client's identity must be verified, and service providers must identify original parties and receivers of payments and attach sensitive information to payment instructions. CaaS performs auto-verification/validation of clients by corresponding financial intermediaries and can be attached to transactions of any type, whether those payments go through traditional bank rails or virtual asset rails. FinCIDs are being built with self-sovereign identity principles to preserve and protect underlying personal identifying information and to ensure control by end-users.

finclusive.com

About Ubisecure and RapidLEI

Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enable enterprises and governments to enhance customer experience, security, and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.

rapidlei.comwww.ubisecure.com

Contact: Francesca Hobson, francesca.hobson@ubisecure.com

Source: Ubisecure

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Categories: Banking, Finance, Insurance

Tags: aml, compliance, fintech, GLEIF, KYB, KYC, Legal Entity Identifier, LEI, RegTech