Do you want your company to engage in financial transactions all over the world?
Then, an LEI code is all you need which will register and identify your company so that it is able to do transactions in any place over the world.
Most companies in the world are now going away from only doing business in their respective countries and going international. If a company goes international, it provides a lot of opportunities for the company to grow and establish itself as a reputable brand.
There are a lot of agents that can provide a company with an LEI code for doing financial transactions internationally. But if you want to know the best way to get an LEI code for your company, then this guide will help you in choosing the best LEI Service.
There are a lot of agents that offer LEI but the most reliable one in our opinion is GetLEI. Global Legal Entity Identifier Foundation (GLEIF) has verified it as a registered LEI provider.
In this review, we will take you through everything that the company provides. We will also see through the benefits and drawbacks of using GetLEI. We will take a deep dive into GetLEI so that we can understand it in a better way and what the company is providing its users?
But before the start, we need to know about LEI and its role in business.
LEI stands for Legal Entity Identifier and it is a very unique code that is provided to the companies who want to make a move into doing financial transactions around the globe. There are a lot of new companies in the world which are keen on providing the best services for their customers and in order to do that, doing business internationally is very important as they are able to reach a wider audience.
But for doing transactions around the world, you need an LEI code. It enables a company to expand their business internationally. Every company that does business in international has its own unique LEI code. The whole process of acquiring an LEI code for your company goes according to the ISO 17442 which is the international standard.
The main goal of following this standard is that it provides companies with a monitoring system that checks for every kind of risk that might be present and also helps in removing it in an effective manner. The support is also very cheap and everything is reported which is really good for the company.
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Regulatory Oversight Committee:
The overseeing of all the codes is done by the Regulatory Oversight Committee (ROC). The Global LEI Foundation (GLEIF) was made by the ROC. The GLEIF as we have talked before is handed the responsibility of the distribution of codes to different companies. It also gives different companies the accreditation who want to play a role in the maintenance of different LEI Codes which are overlooked by the GLEIF.
The Need of LEI:
Every major organization in the world faces various kinds of problems in the international markets, mainly in the identification process. Before LEI, every company used its own ID system and the identification process took a lot of resources. In 2008, there was a financial crisis that saw the immediate change in the policy of these identification processes.
After the end of this crisis, Group of Twenty aka G20 created a system that would identify all of the legal entities. This system was made so that so the identifications of companies involved in financial transactions would be simplified but moreover, also assessed the risks that were involved in financial dealings. All of this information is stored in the GLEIS and is regularly updated.
Importance of LEI:
An LEI is important due to the following reasons:
- Minimizing Financial Errors
- Simplification of the Reporting Procedure
- Owner Information
- Identification of all the participants
GetLEI is a well-reputed company that has a lot of experience in the LEI field. They have thousands of satisfied customers, and more than a million certificates have been issued by them. When a company wants to do international business, they obviously want to get an LEI code as it is the standard for doing financial transactions. GetLEI is a very reliable company that can provide companies with an LEI code to start their international journey and get identified all over the world.
GetLEI provides its customers with a lot of useful services which are as under:
- LEI Registration.
- LEI Lookup.
- LEI Transfer.
- LEITrust Site Seal.
One of the best things about using GetLEI is that it provides you with a very fast and hassle-free registration process. The whole process takes just about a few hours which is really fast. GetLEI uses a direct integration system that allows them access to some of the government systems.
All of this is done through the Application Programming Interface. This allows GetLEI to get all of the necessary information about the company in the background. There are a lot of times when the registration process too much time because you have to fill a lot of details.
But this is not the case with GetLEI as they offer a minimum amount of information while doing background checks through various government systems.
This allows them to perform the registration process in a much quicker way. The registration steps are as follow:
- Selecting the country.
- Submitting a name for the Entity.
- Entering a name for the signing authority.
- Final confirmation is asked after verification of the entity.
Time for Getting an LEI Code:
The issuing of LEI is a fairly new process and all of the automation can take some time. It mainly varies from country to country. The minimum time for an LEI code is five minutes for a select number of countries while it can take up to a maximum of 78 hours for some countries. There are four groups according to which the code delivery process has been adjusted:
- Group A – 5 Minutes
- Group B – 1 to 36 Hours
- Group C – 4 to 48 Hours
- Group D – 36 to 78 Hours
Hence, it is clear that depending on the country you’re from, time can vary a lot. You can check out GetLEI’s website to get info about the timing of your country.
Nowadays, there are a lot of Registration Agents present, and prices of these agents can vary a lot. Most of the registration agents are locally based so the order that they get isn’t in huge numbers. The only disadvantage being, not able to get deals good with the GLEIF.
Another major thing is automation as it plays a major role in the verification process. With the help of automation, the team working at the verification department has to focus less which eventually decreases the total expenses. If you are doing a bank transfer or paying through a credit card, then they also have different gateways. In order to get the best deal possible, you should consider working with an agent who has a lot of experience in this field and also works internationally.
GetLEI also provides you with a search tool with which you can find any company working internationally and look up its reports. You can use the Legal Identifier Code of any company to lookup the details of a company. The biggest advantage that it provides is the assessment of risks involved in the process. If you want to search for a company, then all you have to do is to search the company LEI code or you can also search them by their name.
Transferring LEI Code:
The company also gets access to a provider which can manage its LEI code. One of the best things about GetLEI is the feature of transferring your LEI to GetLEI which will then help you manage your LEI code. They are then able to look after your LEI code taking all of the responsibility. No change is made in the data before and after the transfer of LEI. This whole transferring process consists of:
- Two Local Operating Units.
- The first one is the Sender.
- The second one being the Receiver.
The agency that is handling all of the information about the LEI is the Sender which will be GetLEI and the Receivers are the ones taking control over all of the LEI data. There is also a fixed rule that only the company owning the LEI can authorize the transfer process. And that particular authorization must also be signed by a person which is present in the register.
Need for Transfer:
There can be a lot of reasons that can force a company to transfer their LEI code and some of the reasons are as under:
- Bad User Interface
- High Fee
- Bad Customer Support
- No Automation Process
- A few supported countries
A bad user interface can force a company to transfer its LEI so that the receiver can manage it in a better way. Expensive fees can also drive a company to transfer its LEI code.
LEITrust Site Seal:
The Site Seal was made by GetLEI which indicates that the website contains a registered LEI code. This is visible through a stamp that is present on the site. If you click on the stamp then it automatically redirects you to the LEI Lookup which displays a report of that particular LEIcode.
Effect on Visitors:
This Site Seal by GetLEI is very beneficial as it leaves an everlasting impact on the visitors. The seal provides visitors with confidence and trust and encourages them to use GetLEI.
The major benefits of the Trust Site Seal provided by GetLEI are:
- Increase of Confidence in Online Business
- High Level of Site Conversion
After receiving very positive feedback from the first site seal, GetLEI is working on a more advanced version of this site seal which will provide users with more advanced features and options.
Reselling of LEI Codes:
One major benefit of going with GetLEI is that they also provide a reselling option. With the help of this, you can resell LEI codes at very good prices. As GetLEI is accredited from GLIEF and contains a large number of agreements which makes it possible for them to give LEI codes at a very affordable price.
As they are already selling the LEI codes at a discounted price, this makes it very beneficial when you want to resell those LEI codes. At the time of writing, GetLEI is providing an LEI distribution service for more than 250 countries.
GetLEI also provides its partners with a monthly billing service which is great as the overall volume is very high. They provide you with only a single invoice per month for the purchase of the LEI codes.
GetLEI doesn’t require you to deposit any kind of money which is a good thing. You have the option to Pay As You Go which is suitable for most partners. But you should keep in mind that for getting a better price cut, you might need to sign an agreement. Another major benefit of using GetLEI is the distribution of different SSL Certificates because as a partner, you also get access to all of the services provided by the company.
Benefits of Using GetLEI:
- More than 15 years of experience
- Every transfer gets you a free SSL Certificate
- User-Friendly Platform
- API Automation
- Supportive Team.
Flexible Payment Options:
The payment options provided by GetLEI are really flexible as you choose to pay from one of the following:
All of the online transactions that you make are also secured by SSL.
Is GetLEI Worth it?
Taking into consideration all of the services provided by GetLEI, we totally recommend using their services. As the LEI codes are available at a reasonable price, any company can get their verification in a couple of hours. They can also resell their codes to GetLEI at a good price. All in all, if you want to step into international financial transactions then GetLEI is the way to go.