The Global Legal Entity Identifier Foundation (GLEIF) has enhanced its legal entity identifier (LEI) search engine with rich data functionality.
The move is in line with its vision to enable broader, automated use of the LEI, according to GLEIF, and as part of this, the foundation has also published a companion application programming interface (API).
It aims to enable third-party developers to automate searches and retrieve open, higher quality LEI data from within their application environments.
By expanding the number of search parameters available, LEI Search 2.0 delivers a new level of transparency over how legal entities have evolved over time.
Migration to LEI Search 2.0 was completed on 1 January.
GLEIF explains it will allow for faster and more sophisticated counterparty due diligence, heightened granularity in regulatory oversight procedures and richer reporting potential for market data aggregators.
“These benefits are made possible thanks to the new option to view historical changes to any data field of an LEI, from 2018 onwards,” says GLEIF.
The change log data includes the date of each LEI update, which data field has been altered together with the previous value and the new value.
“The value delivered by the LEI search engine is growing as the use of the LEI system expands around the world, both as an oversight tool for regulators fighting financial crime and as a comprehensive means of establishing cross-border counterparty verification for businesses,” comments GLEIF CEO Stephan Wolf.
“Now any person or organisation anywhere can retrieve rich historical data about a legal entity’s corporate development and ownership, automatically, from within their own application. This increased functionality and accessibility makes the LEI search engine more powerful and convenient than ever before,” Wolf adds.
LEI Search 2.0 is delivered together with a companion API giving third-party developers access to the full range of search functionality from within their own application environments.
