ISO 16278 is officially titled:
“Financial services — Entity relationship — Legal entity identifier (LEI)”
This standard defines a structured, XML-based data model to represent the Legal Entity Identifier (LEI) and associated relationships. LEIs are unique 20-character codes used to identify legally distinct entities participating in financial transactions.
ISO 16278 supports:
In today’s interconnected financial world, being able to accurately identify legal entities is essential for:
ISO 16278 builds upon the Global Legal Entity Identifier System (GLEIS) by providing a structured way to store, exchange, and interpret LEI data, particularly for automation and digital reporting.
Implementing ISO 16278 allows your organization to:
Use a consistent data model to manage LEI information, relationships, and updates.
Enable seamless exchange of legal entity data across platforms and institutions.
Simplify compliance with financial regulations requiring entity identification.
Reduce errors and improve audit trails in financial transaction reporting.
ISO 16278 aligns with global LEI systems like those from GLEIF and international regulators.
For financial institutions, regulators, and fintech providers, ISO 16278 delivers clear business advantages:
Use LEI-based data structures to automate compliance checks and reduce onboarding time.
Maintain structured, validated, and trackable legal entity records.
Enhance automation and integration of compliance tools and regulatory reporting.
Use a universally recognized system for identifying entities across borders.
Avoid mismatches and manual errors in entity identification across systems.
Support transparency and consistency across fintech, banking, and investment platforms.
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