IGTA Journal - Winter 2020/2021

The value of the Legal Entity Identifier for the payments industry	38
INTRODUCTION	38
How LEIs are issued and tracked	39
Growth in LEI usage in financial market reporting	40
BENEFITS OF THE LEI	40
POTENTIAL USES AND BENEFITS OF THE LEI IN PAYMENTS	42
Use and benefits of LEI in payments	43
PAYMENT MESSAGING AND THE LEI	45
Initial work on LEIs in payments	45
International proposals to incorporate LEIs into major ISO 20022 implementations	45
UK plans to incorporate LEI into the ISO 20022 Common Credit Message	46
BARRIERS TO THE ADOPTION OF THE LEI IN PAYMENTS	47
ACTIONS MARKET PARTICIPANTS CAN TAKE TO REALISE THE POTENTIAL OF LEI TO IMPROVE PAYMENTS	48
CONCLUSION	50
REFERENCES	50

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