Surecomp Adds Legal Entity Identification (LEI) Capability to its Cloud-Based Solutions by Partnering with GLEIF


Toronto – Surecomp today announced that it is partnering with the Global Legal Entity Identifier Foundation (GLEIF) – the Swiss-based organisation which supports the implementation of the Legal Entity Identifier (LEI) and the availability of the Global LEI Index – to facilitate Know your Customer (KYC) compliance and provide customers with immediate certainty and authentication that the credentials of their trade counterparts are verified and trustworthy.

The Global LEI Index – the only online source of open, standardised and high-quality legal entity reference data – will be embedded into all of Surecomp’s cloud-based solutions to provide customers with real-time access to the unique identification data of legal entities participating in their trade finance transactions. The readily available and verified information covering detail such as ownership structure and subsidiary addresses will reduce the time currently spent by financiers and corporates on KYC checks as part of the transaction lifecycle, further improving operational efficiencies and driving trade growth.

“We are delighted that Surecomp is leveraging the Global LEI index to bring significant efficiencies and greater trust to its trade finance customers,” states Stephan Wolf, Chief Executive Officer at GLEIF. “Research undertaken by GLEIF shows that broader adoption of legal entity identifiers could save the banking sector up to $4bn in client onboarding costs annually. Even if only a small proportion of this is within the trade finance arena, the potential gain in terms of both cost and time savings are significant enough to promote further global trade growth.”

“The LEI is incredibly important for all trade participants, particularly since the pandemic which has seen fraudulent transactions become ever more prevalent,” says Enno-Burghard Weitzel, Surecomp’s SVP of strategy and business development. “Offering our customers easier access to LEI data is increasing transparency, trust and efficiency in the entire trade finance process. Ultimately, it can also help to close the trade finance gap by making it easier for banks to verify SME customers.”

Most recent episodes

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...


Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...


Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...


Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...


HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...


ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...


Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...


Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...