The Global LEI Foundation (GLEIF) and SWIFT to collaborate to provide open source BIC to LEI file
With the ever-increasing adoption of the Legal Entity Identifier (LEI) across different markets, the idea of facilitating the reconciliation between the LEI and the widely-used Bank Identifier Code (BIC) has emerged. The Global LEI Foundation (GLEIF) and SWIFT, as representatives of the two identifiers, have decided to combine efforts in providing an open-source file to address this requirement.
As announced in February, the file is downloadable free of charge from the GLEIF website on a monthly basis. It contains the two codes for institutions that have both active identifiers.
The file is now also available from SWIFT in an upgraded format, which includes the institutions’ names.
It is through SWIFTRef that the mapping of the two identifiers is performed which leverages SWIFT’s Global Reference Data Utility’s recognised expertise. SWIFTRef has recently extended its coverage of Reference data for transactions processing by helping financial institutions face operational challenges related to Regulatory compliance and reporting, Risk management and Due diligence with a new dedicated offering. Click here to learn more.