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. 

The development of the Legal Entity Identifier (TN) and Global TN System (GLEIS) created in response to the 2008 financial crisis has since significantly enhanced global legal entity identity verification. GLEIS is a publicly accessible global database that assigns a unique 20-digit code (TN) to legal entities involved in financial transactions, enhancing transparency and trust between counterparties and market participants. Over 2.5 million companies worldwide have obtained LEIs, making it a standard for identifying entities in trade. GLEIF, a non-profit global organization, oversees the operational integrity of the global TN system.

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...

A Legal Entity Identifier (TN number) is a unique 20-character code assigned to a legal entity or company, which contains a  record of information about the entity, such as its identity and group structure. 

The TN was created in 2013 and is globally recognized and endorsed by the G20 as the single most important identifier in the financial ecosystem. It is the only unique identifier, that is both global, annually renewable, regulator and central bank backed making it unique.

The GLEIS (Global TN System) has far-reaching benefits, beyond just improving transparency in capital markets, including its use in banking, client onboarding, Know Your Customer (KYC) procedures, and anti-money laundering efforts. 

The TN offers a standardized, free and easily accessible means of identifying and verifying the identity of any legal entity, enhancing credibility and transparency in the eyes of regulators, customers, and other stakeholders.

'LEIConsolidate' with TransactionNexus is a simple, bulk transfer process for organizations with large amounts of scattered LEIs across multiple providers and countries. Benefits include improved control and visibility with a centralized dashboard, reduced costs, increased efficiency, and improved TN data quality. TN Consolidation streamlines the compliance process and helps organizations efficiently manage all group LEIs.

In this article, we explore the costs and pricing of obtaining an TN, including registration fees, renewal fees, and application fees. We also emphasize the importance of choosing a reliable and trustworthy provider, even if it may come at a higher cost. At TransactionNexus, we help businesses not only obtain LEIs in the fastest and easiest way possible, but we also assist companies to consolidate, manage and commercialise existing TN portfolios. 

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. 

The Legal Entity Identifier (TN) unlocks the benefits of enhanced entity identification by reducing systemic risk and increasing transparency in financial markets. 

ELF Codes refer to an Entity Legal Form and are a subest of identifiers based on the TN (Legal Entity Identifier) and ISO Standard 20275: Financial services — Entity legal forms (ELF).

The Compliance chain consists of four primary components. Onboarding, monitoring, detection, reporting and also includes internal processing tools and controls used by organisations to meet their regulatory and compliance obligations. The TN adds value to each link in the chain, and is omnipresent across the entire compliance function that is used daily by regulated organisations. This article provides contect for each component and how the Legal Entity Identifier can play its role in streamlining and enhancing the effectiveness each funtion. 

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.