Layla – Entity management
Financial institutions are using multiple systems and sources to manage the information about their clients, counterparts and suppliers. Making sure that the information is correct and updated across systems and services over time is a big challenge especially since many legal entities are known under different names even if it is the same legal entity.
One important and powerful initiative that deals with some of these challenges is GLEIF. GLEIF is tasked to support the implementation and use of the Legal Entity Identifier (LEI) by the Financial Stability Board. Please visit www.gleif.org for more information. The use of LEIs is spreading quickly driven by new regulations that require that LEI codes are used for e.g. trade reporting.
Financial institutions using the identity information provided by GLEIF can get several and direct advantages and cost-savings after sorting out the initial hurdles of sourcing and registering the LEI information in the systems used for managing clients and suppliers.
Our Layla offering is an open platform that imports data from your systems and sources that holds entity information and compares the information between them. In this way you can easily find differences, errors and duplicates between the systems and sources you are using and enrich your existing entity data with missing information e.g. LEI codes, SWIFT BIC codes etc.
Layla holds all the latest and current LEI information from GLEIF making sure that the information is correct and up-to-date. In additions to the ‘who is who’ data ‘Level 1’ , we are also including the ‘Level 2’ data answering ‘who owns whom’ question and the SWIFT BIC code information provided by GLEIF. Layla gives you a complete and searchable view of all the information provided by GLEIF.
Additional internal and external sources and systems can easily be added to Layla. By adding sources you can validate and enrich your entity data to fit your specific needs.
Layla can be used for one-off comparisons or fully automated making sure that the differences between systems and services are handled and updated according to a set of rules defined by you as outlined in the use case example on the right hand side.