Surecomp add legal entity identification services through new partnership

Trade finance solution provider Surecomp will offer legal entity identification services through a new partnership with Global Legal Entity Identifier Foundation (GLEIF).

Through the deal, Surecomp will add know you customer compliance processes that can immediately authenticate credentials of their trade counterparts.

GLEIF’s Global LEI Index, which claims to be the only online source of open, standardised and high-quality legal entity reference data, will be integrated into Surecomp’s cloud-based solutions. This will give customers real-time access to unique identification data of legal entities participating in their trade finance transactions.

The information covers detail such as ownership structure and subsidiary addresses to reduce time spent on KYC processes.

Surecomp SVP of strategy and business development Enno-Burghard Weitzel said, “The LEI is incredibly important for all trade participants, particularly since the pandemic which has seen fraudulent transactions become ever more prevalent.

“Offering our customers easier access to LEI data is increasing transparency, trust and efficiency in the entire trade finance process. Ultimately, it can also help to close the trade finance gap by making it easier for banks to verify SME customers.”

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