J.P. Morgan confirmed as first validation agent in the Global LEI System
19 November 2020 Switzerland
Image: Scanrail/Adobe Stock
J.P. Morgan has become the first validation agent in the global legal entity identifier (LEI) system, the Global Legal Entity Identifier Foundation (GLEIF) has confirmed.
The Validation Agent Framework, announced by GLEIF in September 2020, enables financial institutions to improve their customer experience and accelerate client lifecycle management.
It also allows participants to reduce costs by using business-as-usual know-your-customer (KYC) and anti-money laundering (AML) onboarding procedures to facilitate LEI issuance for their clients.
J.P. Morgan and LEI issuer, Business Entity Data B.V. (BED), a wholly-owned subsidiary of the Depository Trust & Clearing Corporation (DTCC), have together issued the first LEI under the new validation agent model, via BED’s GMEI Utility service.
J.P. Morgan’s managing director, reference data strategy, George Brandman, explained: “Working as a validation agent will allow us to improve our client onboarding experience as well as create valuable industry LEI reference data.”
DTCC’s Matt Stauffer, managing director and head of institutional trade processing, commented:
“Our collaboration with J.P. Morgan demonstrates the additional efficiencies that can be achieved through broader utilisation of LEIs and supports our core mission of bringing increased efficiency and resiliency to the industry.”
Stephan Wolf, CEO, GLEIF, added: “By becoming validation agents, financial institutions realise a range of operational and strategic benefits, both now and in the longer-term. Not only can J.P. Morgan streamline its client onboarding and lifecycle management processes, thereby improving its customer experience, it can also use the LEIs in innovative service offerings.”
The Validation Agent Framework, announced by GLEIF in September 2020, enables financial institutions to improve their customer experience and accelerate client lifecycle management.
It also allows participants to reduce costs by using business-as-usual know-your-customer (KYC) and anti-money laundering (AML) onboarding procedures to facilitate LEI issuance for their clients.
J.P. Morgan and LEI issuer, Business Entity Data B.V. (BED), a wholly-owned subsidiary of the Depository Trust & Clearing Corporation (DTCC), have together issued the first LEI under the new validation agent model, via BED’s GMEI Utility service.
J.P. Morgan’s managing director, reference data strategy, George Brandman, explained: “Working as a validation agent will allow us to improve our client onboarding experience as well as create valuable industry LEI reference data.”
DTCC’s Matt Stauffer, managing director and head of institutional trade processing, commented:
“Our collaboration with J.P. Morgan demonstrates the additional efficiencies that can be achieved through broader utilisation of LEIs and supports our core mission of bringing increased efficiency and resiliency to the industry.”
Stephan Wolf, CEO, GLEIF, added: “By becoming validation agents, financial institutions realise a range of operational and strategic benefits, both now and in the longer-term. Not only can J.P. Morgan streamline its client onboarding and lifecycle management processes, thereby improving its customer experience, it can also use the LEIs in innovative service offerings.”
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