About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Swift Starts to Populate BIC to LEI Directory with GEI and CICI Pre-Legal Entity Identifiers

Subscribe to our newsletter

Swift has met customer demand for Business Identifier Code (BIC) to Legal Entity Identifier (LEI) mapping with a BIC to LEI directory for users of its SwiftRef payments data platform and BIC to LEI mapping in a handful of its existing products. The company says it has mapped 4,800 BICs to pre-LEIs – over time Swift has issued more than 100,000 BICs worldwide – but expects that number to increase steadily as more pre-LEIs are issued in the interim LEI system that will ultimately become a complete global LEI system.

Initially, Swift is mapping pre-LEIs issued by the DTCC/Swift CICI utility, a pre-Local Operating Unit (pre-LOU) in the interim LEI system that issues CFTC Interim Compliant Identifiers (CICIs) on behalf of the CFTC. It is also mapping German Entity Identifiers (GEI) issued by pre-LOU WM Datenservice on behalf of the German regulator Bundesanstalt f?r Finanzdienstleistungsaufsicht. Interim Entity Identifiers (IEIs), pre-LEIs issued by the London Stock Exchange (LSE) on behalf of the UK Financial Conduct Authority, have yet to be included in the directory as issuance only started in early August.

Paul Janssens, LEI programme director at Swift, says: “Everyone must map identifiers to LEIs, but the biggest cost is maintaining the mapping. So, Swift will do this, lowering the cost for everyone.”

Janssens says the pre-LEI reference data that Swift is working with is of good quality and suggests pre-LEIs from other active pre-LOUs – at the moment only the LSE – will be mapped to BICs and become part of the directory once file formats are stable and numbers warrant the work necessary for integration. He also notes that while the BICs and pre-LEIs of large financial institutions will be mapped, not all BICs will be mapped to pre-LEIs and vice versa as the scope of the identifiers is different. For example, funds and their associated entities are not relevant to the BIC coding scheme.

The BIC to LEI directory is available immediately to SwiftRef users and will be updated on a daily basis, providing financial institutions and corporates that process thousands of payments every day with up-to-date data. BIC to LEI mapping is also available in the existing SwiftRef Bank Directory Plus product and through FileAct, SwiftRef’s regular file messaging service. It can also be accessed in Bankers World Online, an online query tool.

Janssens concludes: “LEIs will not replace BICs as they have different functions, but we will keep adding LEIs and mapping them dynamically to BICs, a task that is all about precision data. If there is user demand, we will also add BIC to LEI mapping to other Swift products.”

 

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: The roles of cloud and managed services in optimising enterprise data management

Date: 14 May 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Cloud and managed services go hand-in-hand when it comes to modern enterprise data management (EDM), but how can the best solutions for the business be selected and implemented to ensure optimal data management based on accurate, consistent, and high-quality...

BLOG

ESG Data Keeps on Evolving, but are Financial Institutions Keeping Pace?

By Yann Bloch, head of product and pre-sales Americas at NeoXam. Earlier this month, Bloomberg published their much-anticipated annual European ESG Data Trends Survey report, carrying with it some fascinating findings on the current state of the market. The survey, taken by respondents from London, Stockholm, Geneva, Amsterdam, Frankfurt, Paris, and Milan throughout 2023, posed questions about...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Alternative Trading Systems Directory 2010

The year since we launched our first edition of the A-Team Alternative Trading Directory has passed by in a flash (no pun intended). And while the rate of expansion of the alternative trading system sector may have slowed – even consolidated somewhat – in the more established centres, their onward march continues both in terms of credibility, and of uptake...