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The Legal Entity Identifier (LEI) is a public good that provides open and reliable data for unique identification management free of charge to users. It is a 20-digit, alpha-numeric code, connecting to key reference information that enables clear and unique identification of legal entities participating in financial transactions.
In the framework of Article 28 (5) of Payment Services Directive 2 (PSD2), the European Banking Authority was conferred a mandate to develop draft regulatory technical standards, specifying method, means and details of a cross-border cooperation between competent authorities in the context of passport notifications of payment institutions.
Gerard Hartsink outlines in this European Payments Council (EPC) Blog what could be the role of the LEI in the perspective of PSD2. He also highlights the benefits of the LEI and encourages all firms to get their own LEI.