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Enhancing party identification in payments messaging with the Legal Entity Identifier

Author

Listed:
  • Doyle, Robin

    (Managing Director, J.P. Morgan Chase, USA)

  • Janssens, Paul

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Like other areas of banking, the world of payments suffers from a high cost of regulatory compliance and outdated methods to ensure accurate and reliable data for legal entity identification.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.

Suggested Citation

  • Doyle, Robin & Janssens, Paul, 2019. "Enhancing party identification in payments messaging with the Legal Entity Identifier," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(3), pages 268-273, September.
    • Handle: RePEc:aza:jpss00:y:2019:v:13:i:3:p:268-273
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    More about this item

    Keywords

    LEI; payments; ISO 20022; benefits; adoption; PMPG;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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