Global LEI body asks Fed to include codes in new fund transfer messages

12 September 2018 7:58am
The global authority that manages legal entity identifiers asked the US Federal Reserve to include the codes in new messages proposed for use in real-time settlements of fund transfers among banks and other financial institutions.

The Global Legal Entity Identifier Foundation’s nonbinding request is its latest effort to get the ID codes incorporated into specific international and domestic proposals. Firms' adoption of the tags has stalled.

The Switzerland-based foundation’s letter asked that the 20-digit codes be included as an identifier for each party in the new format of messages accompanying large-value, time-critical credit transfers.