Fed’s faster-payments plans should include LEIs, global authority says

28 November 2018 11:55am
The global authority that manages legal entity identifiers asked the US Federal Reserve to include the codes in efforts it may undertake to promote faster payments for consumers and businesses at any time of day.

Stephan Wolf, head of the Global Legal Entity Identifier Foundation, said the 20-digit codes could be used to identify each party in transactions.

“Use of the LEI will contribute to the transparency of the faster payments,” Wolf’s letter last week said. He added that the Bank of England already incorporates the identifier in its faster payments system.