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The emerging influence of legal entity identifiers in payments
Journal of Payments Strategy & Systems,
13
(1),
47-53
(2019)
Abstract
Over the years, banks have invested in capabilities to utilise unique codes assigned to participants in interbank payment activity in order to identify each other. This has created high automation rates and enabled interbank payments to be processed efficiently. A similar benefit can be created when utilising legal entity identifiers (LEIs) across all participants in the payment chain. Regulatory authorities as well as the banks’ internal risk departments are concerned with the proper and unambiguous identification of participants in the payment process. This paper discusses the impact, benefits and cost of the LEI in payment instructions.
Keywords: CPMI; LEI; ISO 20022; SWIFT; PMPG
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Author's Biography
Michael Knorr is Head of Payments & Liquidity Management at the Wells Fargo Financial Institutions Group (FIG), where he manages payment and liquidity risk as well as operational deposits for FIG Global Payments Services. He is a member of various industry groups, including the SWIFT Payments Market Practice Group, US Cash and Trade, and the High-Value Payments Plus working group. Michael holds an MBA from Indiana University and an undergraduate degree from the University of Duisburg.
