• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Ubisecure Announces New LEI-Based Onboarding Pilot for Banks

February 7, 2020

Ubisecure Announces New LEI-Based Onboarding Pilot for Banks

Customer identity management company Ubisecure has announced a new Legal Entity Identifier-based onboarding pilot service for banks.

The pilot will be based on Ubisecure’s RapidLEI service and aims to give banks easy access to and management of LEIs — unique global identifiers of legal entities taking part in financial transactions — for Know Your Customer (KYC) and onboarding workflows. It will include live access to the global LEI database and on-demand LEI issuance as well as Software-as-a-Service-based lifecycle management of any issue LEIs.

“The Global LEI System database of organisation identities represent a significant opportunity to streamline KYC and onboarding workflows. Banks in particular have much to gain from utilising and issuing LEIs within their current processes,” commented Ubisecure CEO Simon Wood, going on to say that “[w]ith our new scalable, LEI-based Pilot, we are focused on helping banks not only use LEIs to notably reduce onboarding costs, but also, importantly, to ensure that LEIs are managed efficiently and securely.”

The global banking sector spends around $40 billion annually on client onboarding, with the subscription fees for KYC data and the various costs associated with the management of data points leading the way.

The use of LEIs for client onboarding and KYC can potentially save the industry a lot of money, and can also serve to streamline processes, improve transparency and increase staff productivity.

“Research conducted by McKinsey on behalf of the Global Legal Entity Identifier Foundation (GLEIF) has concluded that broader use of Legal Entity Identifiers (LEIs) across the global banking sector could save the industry U.S.$2-4 billion annually in client onboarding costs alone,” said a spokesperson for the Global Legal Identifier Foundation (GLEIF). “The widespread usage of the LEI can generate topline benefits across all stages of the Client Lifecycle Management process for banks, including Know-Your-Customer requirements,” they added.

Filed Under: Industry News Tagged With: banking, banks, corporate announcements, corporate news, customer data, customer onboarding, identification, KYC, KYC solutions, onboarding

Related News & Articles

HID Global Receives Award for Pandemic Contact Tracing Tool

Samsung Continues to Champion Iris Scanning with Note8 Device

FIDO Alliance Highlights Utility of Passwordless Tech in eIDAS Schemes

Primary Sidebar

Register For the Next Virtual Identity Summit

Register now!

Tweets

Sponsored Links

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi's product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Amid Political Unease, Tunisia Launches Mobile ID Pilot
  • Colombia Pushes LATAM Partners to Accept Mobile ID at the Border
  • Onfido Explains How UK Privacy Bill Is ‘Positive Step’ In Global Patchwork
  • Greek Ministry of Digital Governance Delivers On Mobile ID Promise
  • Poll Results Show Android Users’ Surprising Biometric Preferences

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 MobileIDWorld