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Enhancing party identification in payments messaging with the Legal Entity Identifier
Journal of Payments Strategy & Systems,
13
(3),
268-273
(2019)
Abstract
Like other areas of banking, the world of payments suffers from a high cost of regulatory compliance and outdated methods to ensure accurate and reliable data for legal entity identification. The use of the Legal Entity Identifier (LEI) as a key element in legal entity identity management within the payments life cycle can help solve these issues. Including LEIs in the payments life cycle provides verified, authoritative information about the exact legal entity involved in payments transactions to the parties involved in the process. The Payments Market Practice Group considers the migration to the ISO 20022 payments messaging standard, and use of the LEI within that migration, a key opportunity to rethink how and what reference data are sourced and used for legal entity identification, and to make real enhancements to such identification and messaging processes for the payments community.
Keywords: LEI; payments; ISO 20022; benefits; adoption; PMPG
The full article is available to subscribers to the journal.
Author's Biography
Robin Doyle is a Managing Director in JPMorgan Chase’s Office of Regulatory Affairs, where she specialises in global efforts to standardise reference data/reporting, anti-money laundering and payments systems topics. Ms Doyle has previously held roles in the company’s Corporate Risk, Chase Home Finance business and Accounting Policies Group. Robin has also worked for Midlantic National Bank, KPMG Peat Marwick and Prudential Insurance Company. Ms Doyle is on the Board of Directors of the Global Legal Entity Identifier Foundation.
Paul Janssens is Programme Director at SWIFT. He led the Legal Entity Identifier initiative from the early stages of development through to its implementation. His current role includes facilitating the adoption of international standards such as ISO 20022 for regulatory reporting and addressing impacts from regulation on the financial market operations.
