LATEST FROM TransactionNexus

TransactionNexus grew to become Ireland's leading provider of LEIs in 2023, and is set to expand on that title in 2024. With release of the GLEIFs January 2024 Data Quality report showing we are now providing TN management services for more tha. double the numbver of clients as other providers headquartered in the jurisdiction. 

TransactionNexus are extremely proud to hear the exciting news that the organisation has made the RegTech100 list for 2024. The RegTech100 is a complete list of the top 100 RegTech (regulatory technology) companies globally. 

TransactionNexus has been listed as the TN provider for the 2023 in the Deloitte RegTech Universe list, which comes in quick succession after being named finalists in the FS Awards 2023 and National FinTech Awards.

The United Nations Development Programme (UNDP) and the Monetary Authority of Singapore (MAS) have collaborated on Project Savannah, aiming to digitize ESG credentials for micro, small, and medium-sized enterprises (MSMEs) using the Legal Entity Identifier (TN). The initiative aims to simplify reporting requirements and help MSMEs work towards the UN's Sustainable Development Goals. The TN will serve as a single source of identity for legal entities within the platform, enabling easier tracking and organization of data. MSMEs will have TN records with visible ESG credentials, facilitating transparency and compliance. Obtaining an TN for a Singapore company is possible through registration or using the RAMP TN Management System.

Join our latest discussion on how we can enhance cross-border payments by exploring the latest topic covered by the GLEIF. In this article, we explore the synergies between the Legal Entity Identifier (TN) and Business Identifier Code (BIC) and how they can reshape the identifying process of international transactions. We look at recent comments made by GLEIF and explore the advantages of adopting these identifiers to create a faster, more cost-effective, and transparent global payment system. Continue reading to find out more...

The financial regulators in South Korea have decided to relax a number of outdated regulations which act as a push factor to foreign investors. The recent decision was made to relax laws, and in their place a simple registration form asking for an active TN will be required. 

A new bill passed by the UK parliament will boost growth for the United Kingdom by reducing reliance on paper based trade documents, and encouraging usage and legal acceptance of digital documentation. This sets a precedent, opens the floor to a new wave of digital innovations, and is good news for the global economy, but and also digital based identity solutions such as the TN and vLEI. 

The FS Dublin Awards recognise the financial services change-makers in Ireland. They acknowledge the companies, teams, and individuals leading, innovating and shaping their organisations through Excellence, Innovation, and Trust – indispensable qualities in an ever-changing industry. TransactionNexus have been nominated as a finalist in the Compliance and RegTech category for excellence and innovation in providing RegTech solutions to financial services firms globally. 

The GLEIS TN system is rapidly expanding. There are well over 2 million LEIs currently registered globally. Many firms are experiencing growing pains when it comes to managing their ever expanding TN portfolios, which consists of LEIs within their global group structures, partner networks, branches, and even tracking clients LEIs. If you are currently using multiple providers, with LEIs scattered across different accounts, users and jurisdictions with little to no governance or oversight over your global TN portfolio then we have outlined a simple practice to help you maintain control over your LEIs, your clients LEIs, or any LEIs that you may deem important to keep track of. 

TN Registration is the process of applying for an TN for any legal entity such as a Limited Company, LLC, Fund, Trust, Pension Scheme or any for of legally registered organisation. Usually TN registration is compulsory under a litany of global TN regulations. You may complete and TN registration online by following the below guide to obtaining an TN for your organisation. Find out what is TN registration meaning, whether you require an TN and how to complete the TN application form here. 

The TN Legal Entity Identifier is a requirement for many legal entities under a litany of global finacial regulations. Many legal entities requiring an TN Number include Retirement Funds, Trusts, Pension Schemes and Insurance related schemes and policies. In the event that the beneficiary to any of these legal entities is another legal entity then it will also require an TN Code for the purpose of legal entity identification in reporting. This allows regulators, market participants and overseers have full transparency and global identification of which entity is the beneficiary by having access to the global TN directory. 

The Global TN System has been evolving since its inception, we saw TN Level II Data, or Parent Structure reporting being initially introduced around 2015 by the TN ROC. In 2022 there have also been some recent updates which include Fund Structure Reporting for LEIs and Entity Creation Date. 

The 2022 Irish Funds Annual Global Funds Conference took place on May 31st 2022. TransactionNexus were in attendance and sponsored the Annual Golf Outing and Exhibition space while a full day of interesting and thought-provoking presentations took place around the Convention Centre Dublin. 

TransactionNexus showcased their API-tech driven TN management solution at Stand 4 in the exhibition hall, a spot held by the 2022 FinTech Factor Winners every year. The conference was "the biggest ever" in its history with nearly 600 delegates gathering from the global Funds industry for the first time since 2019.

The Reserve Bank of India has set a 3 year timetable for non-individual (corporate) borrowers with an exposure of over Rs 5 crore+ to obtain an TN (Legal Entity Identifier).

The TN is a 20 digit identifier code that helps bring more transparency and trust to transaction, clearly identifying who is whom in any given financial transaction. It is currently mandated by over 116+ laws globally and this is set to expand with India leading the way. 

The Reserve Bank of India (RBI) extends TN guidelines to large borrowers of NBFCs and Primary (Urban) Co-operative Banks. Borrowers who fail to obtain a Legal Entity Identifier (TN) from authorized TN Issuers shall not be sanctioned any new exposure nor shall they be granted renewal/enhancement of any existing exposure.

On the 1st, March 2022 the TN ROC (Regulatory Oversight Committee) issued new CDF (Common Data Files) Formats. TransactionNexus have implemented the changes in its RAMP TN management platform. 

TN Fund structure reporting: Complex Fund structures will now be able report their structure in a more transparent manner. 
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