Ubisecure onboards Australia’s biggest bank to help transition CBA customers to the Legal Entity Identifier (LEI) system
LONDON, UK, & SYDNEY, AUSTRALIA – 28 February 2024 – Ubisecure, a leading GLEIF-accredited Legal Entity Identifier (LEI) Issuer through its RapidLEI service, and Commonwealth Bank of Australia (CBA), a leading Australian bank, today announced a partnership pursuant to which CBA becomes a GLEIF Validation Agent (VA).
CBA is the first financial institution in Australia to become a VA and to offer this service to its clients. As a VA, CBA can leverage its existing onboarding and KYC processes to help its clients quickly and seamlessly obtain an LEI.
Under the updated Australian Securities and Investment Commission (ASIC) Derivative Transaction Reporting Rules, which are due to commence in October 2024, LEIs are the key identifier used for counterparty identification, phasing out use of the AVID code and Business Identifier Code (BIC). VAs are approved by the Global Legal Entity Identifier Foundation (GLEIF) – a not-for-profit organisation established in 2014 by the Financial Stability Board to support the implementation and use of the LEI.
VAs leverage existing KYC and AML workflows to issue LEIs within the same process, in partnership with accredited LEI Issuers, such as Ubisecure. Ubisecure’s RapidLEI service provides an API for LEI lifecycle management and same-session LEI registration, making it straightforward for VAs to issue LEIs as part of client onboarding and to manage LEIs on behalf of clients going forward.
Chris Hudson, Ubisecure Director of Channel Sales: “CBA is taking great strides in streamlining procedures for LEI issuance for both itself and its clients. It makes perfect sense to consolidate LEI issuance into onboarding processes already happening within the bank, offering additional value to customers and ensuring its own operational efficiency. Ubisecure is proud to be a part of this partnership, and to be at the forefront of supporting the GLEIF Validation Agent model.”
Find out more about becoming a GLEIF Validation Agent with Ubisecure at rapidleidev.wpengine.com/gleif-validation-agents/.
About Commonwealth Bank of Australia
Commonwealth Bank (ASX:CBA) is one of Australia’s largest providers of integrated financial services, which includes retail banking, business banking and institutional banking and markets. With a history spanning more than a century, a leading digital presence, the largest branch network in Australia and offices in New Zealand, Asia, Europe and the US, CBA is well placed to help build a brighter future for all.
For more information about CommBank visit www.commbank.com.au.
About Ubisecure RapidLEI
Ubisecure is accredited by GLEIF to issue LEIs. RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As of March 2023, over 200,000 organizations have chosen RapidLEI to issue their global organization identifier. As well as pioneering the LEI Everywhere™ program, the company is a technology innovator and provides Identity & Access Management (IAM) software and cloud services for customers, workforce and organization identity use cases. Enterprises and governments use Ubisecure IAM solutions to enhance user experience and security through improved registration, authentication, authorization, and identity data management. Ubisecure also provides solutions to companies maintaining their own customer identity pools (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.
For more information about Ubisecure visit ubisecure.com or rapidleidev.wpengine.com.
