Keep your LEIs valid and up-to-date with the new, free, LEI Match Engine health-checking service from Datactics
Datactics is today launching its free Legal Entity Identifier (LEI) health check service. The service, based on bulk data published daily by the Global LEI Foundation (GLEIF), will allow a financial firm to easily compare and augment its entity data with the entire GLEIF database of 1m+ companies. This helps banks and asset managers to perform regular health checks on the data quality of company information held in a legal entity master.
The Datactics service, named LEI Match Engine, is different to GLEIF’s existing service in a number of aspects:
– It provides fast bulk matching in which a client can submit up to 5,000 entities in a single file and receive results in minutes;
– It uses fuzzy matching on entity names and addresses to compensate for abbreviations, keying errors and language character sets, and score matches on a percentage basis;
– It allows for the validation of a firm’s entities to a field-level e.g. checking a company’s LEI expiry data against the information held in the GLEIF central database.
LEI Match Engine is built on Datactics’ key strengths in matching very large data sets of an entity, people and instrument data. Datactics developed LEI matching capability as part of several live projects where banks were building a legal entity master using data from multiple source systems, such as UK Companies House, Bloomberg, Bureau Van Dijk (BVD), Thomson Reuters’ Perm ID and OpenCorporates.
Alex Brown (Product Manager) explained “As part of MiFID II we were being asked by multiple clients for a dedicated match engine that provides connectivity to GLEIF for LEI validation. Having built this and recognising that GLEIF is the standard venue for LEI open information it was a fairly straightforward job to make our scored fuzzy matching available as an internet service. We hope that it will provide a useful demonstration of Datactics’ core strengths of data quality and matching”
The service is provided online at https://leimatch.datactics.com with a simple link through to register for access. Full details on the full-scale Match Engine are available at https://www.datactics.com/solution/entity-match-engine/
Datactics is an award-winning market leader in data quality and fuzzy-matching software, providing practical solutions for financial institutions to perfect their customer, reference, entity and instrument data and quickly respond to new regulatory standards. For sales information please contact [email protected]