MakoLab presents the new LEI.INFO SAAS Platform at RegTech Data Summit 2018

MakoLab presents the new LEI.INFO SAAS Platform at RegTech Data Summit 2018


There are more than 980 million all over the world, working in 170 different countries. What are they? These are the financial sector entities that can be identified through the LEI - a global standard that is recognised and required by an increasing number of regulators across the globe. The American company MakoLab USA has now developed the LEI.INFO platform, allowing you to get instant access to the database of entities holding LEI’s as well as to receive help in obtaining your own unique identifier.

On 7 March, Washington played host to the first RegTech Data Summit conference. This event enabled the exchanging of experiences in creating solutions to support the development of new technologies for entities involved in the creation of security and data management regulations. The event was attended by leaders of US government agencies, representatives of Congress, industries operating on regulated markets by state administration as well as technology companies. MakoLab was among them. During the event CTO of MakoLab, Mirosław Sopek, together with Lakshmi Balasubramanian, presented the new solution LEI.INFO - developed by MakoLab USA.

What is RegTech?

New regulation technologies (RegTech) used in the creation of market regulations hold the potential to enable: the automation of registration processes, comprehensive data analysis, the creation of transparent regulations, and the limitation of fraud in the functioning of financial entities. These technologies only become possible with the efficient cooperation between state administration and business. MakoLab has been conducting research on the use of semantic technologies and Blockchain to secure the creation and storage of digital identifiers for a long time now. Using LEI’s and global trends in activities aimed at providing transparent and equal access to reliable information, MakoLab has created LEI.INFO - a tool to identify legal entities involved in financial transactions on global markets.

What is the LEI?

The LEI (Legal Entity Identifier) is the globally-relevant, universally-applicable and most trustworthy identification mechanism for companies from all countries. The LEI is a 20-Digit, entirely unique identifier for companies created as legal entities. Importantly, regulators all across the globe increasingly require financial market participants to use LEI. Moreover, the recent European regulations (particularly MiFiDII/MiFiR) and the new Financial Transparency Act introduced by the US Congress in March, 2017 guarantees the continuing fundamental role of LEI’s in the financial industry. The number of companies now obtaining LEI’s is constantly growing. Currently there are approximately 15,000, with more and more being included weekly. This is, of course, for a reason. Leading entities such as the G20 and the Financial Stability Board are in favour of the use of financial identifiers for monitoring the development of legislation and the operation of regulators around the world. The growing importance of LEI means that every legal entity operating in the financial sector will soon have to use this identifier.

How can LEI.INFO influence business relations?

LEI.INFO is a technologically-advanced platform operating in the SAAS model that also uses semantic technology. LEI.INFO offers a wide range of LEI-related services including a new LEI registration process, support in finding the appropriate LEI for a legal entity, and resolving LEI codes for both human-readable information and machine-consumable data.
The goal of the creators of LEI.INFO is to provide a series of effective tools that will help other companies to find a reliable supplier, partner or customer. The powerful query engine helps to gather all relevant information, including historical LEI data about their activities.
LEI.INFO also offers an array of integration services for obtaining more intricate information regarding Legal Entities, which can be pivotal for both know-your-customer (KYC) and customer on-boarding processes.

LEI.INFO in its current form is just the initial phase of development of our product, whose main goal is the reliable and trustworthy identification of companies in the digital space. The global LEI system that we are part of identifies in a reliable way the bank (or any company) for its customers, regardless of the country of origin or initial registration. This allows you to provide reliable information about companies with a scale of reliability that was impossible to achieve until recently. The reception of our system at the RegTech 2018 conference in Washington confirms our conviction about the great value of our new proposal from the area connecting FinTech and RegTech

Miroslaw Sopek, CTO MakoLab

The identification of any entity with LEI can be made at or via the mobile application available in Android and iOS versions, also created by the MakoLab team.

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