New Opportunities for Banks in Client Onboarding

Validation Agents can leverage the LEI and eliminate manual linking of entity data from disparate internal and external sources. McKinsey estimates that this alone would save the global banking industry USD 2-4 billion per annum by improving full time employee productivity in client onboarding.

By expanding LEI issuance beyond legal entity clients that require an LEI for financial compliance, a Validation Agent can equip its whole business client base with globally recognised identities, which can be used across borders with any legally registered counterparty or supplier around the world.

In this way, FIs can use the LEI to solve the problem of cross border trust for their clients worldwide. It is the only open, commercially neutral, standardised and regulatory endorsed system capable of establishing digitised trust between all legal entitles, everywhere. As awareness of these enabling attributes increases, the Validation Agent role is also likely to be assumed by banks seeking to become recognised leaders in identity management, positioning themselves as facilitators of global trade.

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