Swift Launches BIC to LEI Directory

Messaging vendor Swift has launched a new Bank Identifier Code (BIC) to legal entity identifier (LEI) directory to help users map between the two.

Swift, which is a registration authority for the BIC, has downloaded files of all published LEIs and has mapped between the two. The results are available via Swift's new BIC to LEI directory. The LEI has also been made available as an additional identifier in the SwiftRef and Bank Directory Plus directories.

In addition to its experience of administering the BIC, Patrik Neutjens, Swift's Brussels-based head of reference data, says Swift's role in operating the CFTC Interim Compliant Identifier utility has given it a good understanding of the LEI, and puts it in a good position to offer a BIC to LEI directory.

Neutjens expects the directory to be particularly useful for large international banks that already use SwiftRef. "This is of interest to them because it facilitates the adoption and integration of LEIs into their processing environments," says Neutjens. "I also expect people who are looking at regulatory reporting and risk management to be interested in this, whereas in the past SwiftRef was more geared towards payments processing."

The BIC is the only identifier Swift is mapping to the LEI at the moment. However, Neutjens says the company would consider mapping between the LEI and other entity identifiers, such as the DUNS (Data Universal Numbering System) number, if there was sufficient market demand and the issuer of that identifier was happy for Swift to do so.