The Global Legal Entity Identifier Foundation (GLEIF) has strengthened its partnership with OpenCorporates, the largest open database of companies globally, to link Legal Entity Identifiers (LEIs) with corresponding records in OpenCorporates’ legal entity database. This collaboration enhances transparency and trust in the business environment, simplifies customer and third-party management, and helps tackle hidden risks in financial markets, global supply chains, and money laundering.
The partnership offers various benefits to data users, including financial institutions, government agencies, and companies:
Enhanced Information About Businesses
Users can seamlessly connect LEIs with OpenCorporates’ dataset, offering insights into “who owns who” with verified parent and subsidiary relationships, alongside foundational company information.
Streamlined Data Management
LEIs added to the OpenCorporates database and the inclusion of OpenCorporates in various identifiers help streamline entity reconciliation processes, reducing data management costs.
Efficient Risk Analysis
Access to verified LEI data and a richer linked dataset allows for more effective risk analysis, such as counterparty exposure.
Integration of Wider Datasets
This collaboration facilitates the integration of broader datasets, as many already utilize OpenCorporates or LEI identifiers, enhancing innovation and insights for commercial organizations, fintech firms, and those working for public benefit.
Stephan Wolf, CEO at GLEIF, emphasized the importance of interoperability with parallel identity platforms and stated that this collaboration will bring greater transparency and identity management efficiencies to data consumers worldwide.
Chris Taggart, CEO at OpenCorporates, noted that GLEIF and OpenCorporates share a common purpose in improving corporate transparency and creating a more trusted business environment.
Details of the Collaboration
GLEIF will publish open-source relationship files bi-weekly in CSV format, mapping LEIs to corresponding records in OpenCorporates’ database. This mapped data will later be incorporated into the LEI Search and GLEIF API. Over 50% of the global LEI population is now linked to the OpenCorporates database.
In addition to the OpenCorporates partnership, GLEIF has certified mapping relationships between S&P Global’s Company ID, SWIFT’s Market Identifier Code (MIC) and Business Identifier Code (BIC), and the Association of National Numbering Agencies’ (ANNA) International Securities Identification Numbers (ISIN).
OpenCorporates, founded in 2010, has played a pivotal role in opening access to corporate registries and making trusted legal-entity data openly available. OpenCorporates’ database covers 220 million companies across 145 jurisdictions worldwide.
OpenCorporates and GLEIF’s History
The partnership between GLEIF and OpenCorporates dates back to 2019 when they signed a Memorandum of Understanding. Chris Taggart, founder of OpenCorporates, served on the inaugural GLEIF Board of Directors, and OpenCorporates’ data has been used to support GLEIF’s data quality program.
This collaboration underscores the importance of creating a fairer, more prosperous, and sustainable society by enhancing corporate transparency with trusted legal entity information. The alliance between GLEIF and OpenCorporates is a significant step toward achieving this goal.