We are pleased to announce that the latest version of the Datactics LEI Match Engine and health check now includes matching fuzzy matching of entity name to SWIFT BIC code.
The SWIFT BIC data is provided by the GLEIF open-source SWIFT to LEI mapping that was introduced in February this year.
This latest change helps underline that the LEI Match Engine can help you find the identifier you need to uniquely identify clients and counterparties. Whether you need to check the health of your entities for KYC or AML, or perhaps you need to assure yourself of regulatory compliance with MiFID II, EMIR, or AnaCredit Reporting, this added functionality will help reduce the manual burden many financial services firms currently face.
Oh, and did we mention that it’s free to use?
Visit leimatch.datactics.com to register and start uploading your entities!
Another common issue caused by manual onboarding processes is the lack of standardisation in the entry data. This creates problems downstream, reducing the value that the data can bring to core banking activities, decision making and the capacity to aggregate data for regulatory reporting in a cost-effective way.
Entity Match Engine has pre-built connectivity into the most comprehensive open and proprietary sources of counterparty information, such as Bloomberg, Thomson Reuters, GLEIF, Open Corporates, Companies House, etc. These sources are pre-consolidated by the engine and are used to provide the onboarding officer with a standardised suggestion of what the counterparty information should look like, comprehensive of the most up-to-date industry and vendor identifiers.