LEI Register launch free Legal Entity Identifier promotion and introduce new LEI subscription service – FastLEI
In a major LEI industry shift, organisations will be able to maintain greater LEI data accuracy by subscribing to monthly LEI service, including free initial LEI creation promotion.
Tallinn, Estonia. May 7, 2019 – LEI Register, a leader in the provision and management of Legal Entity Identifiers (LEIs), today announced the launch of its new Legal Entity Identifier FastLEI service to introduce subscription business model advantages to organisations using LEIs. Available for the first time in the LEI industry, subscription advantages include free initial LEI creation periods, automated ongoing data accuracy checks, and predictable recurring monthly fees.
LEIs are traditionally valid for one year. Due to the infrequent and often complex renewal processes, many organisations forget to renew their LEIs and unintentionally allow them to lapse. Lapsed LEIs cause regulation issues and can hold up, or invalidate, certain transactions where valid LEIs are needed.
By offering the FastLEI subscription service, LEI Register issues an LEI and then maintains a monthly, not annual, relationship with the organisation. The subscription also involves frequent automated identity data change checks to help organisations keep their LEI accurate and up to date. This significant change in how LEIs are managed will reduce risk of lapse and make managing LEIs easier for companies of all sizes.
Toomas Pavelson, CEO LEI Register said: “Customers want the assurance that their LEI is valid and up to date so they can conduct their business easily. By offering FastLEI as a subscription service we can provide more frequent data checks to help to keep the data up to date, giving our customers smoother transactions and validations of their LEI, and with no conflicting organisation identity information.”
Paul Tourret, Corporate Development Officer with Ubisecure’s RapidLEI said: “The trend of buying and using digital products on a subscription basis has become the norm in the last 10 years. Most digital service providers have shifted to a model that means predictable monthly costs. Most businesses prefer to know their LEI will not easily lapse if someone in their organisation forgets the annual renewal, and that they are maintaining LEI data accuracy through ongoing monitoring. The new FastLEI service from LEI Register is trailblazing for the LEI industry, and we’re excited to be partnering with them to take the service to market.”
Through their partnership with RapidLEI, Ubisecure’s accredited LEI issuing service, LEI Register customers benefit from its automated LEI issuance process and same-session LEI issuance API. The combination of automation and issuance API streamlines the traditional LEI application from days to just minutes.
As part of the promotional launch, the subscription service includes the free creation of the LEI, valid for up to 60 days without charge.
FastLEI is available from fast-lei.com immediately, includes up to 60 days free of charge. After the free period expires, customers who wish to maintain their LEI will be charged £9 per month.