The Global Legal Entity Identifier Foundation (GLEIF) has welcomed the endorsement of the Legal Entity Identifier (LEI) by the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) ‘Harmonized ISO 20022 data requirements for enhancing cross-border payments’. The CPMI ISO 20022 data requirements establish a consistent minimum set of messaging data for more efficient processing of cross-border payments in support of G20 targets.
The CPMI has recognised the LEI as an equivalent identifier to the Business Identifier Code (BIC) for identifying financial institutions and legal entities within a payment message. Specifically, the data structuring requirements suggest the LEI and/or BIC for identifying all financial institutions involved in a cross-border payment. The LEI and/or BIC may also substitute or complement name and postal address information to aid the identification of all legal entities involved in a cross-border payment in a standardised and structured way.
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