LEI Worldwide is the first global database that provides unique and standardized identification for legal entities involved in financial transactions. Its purpose is to promote transparency, improve risk management, and facilitate regulatory compliance in the financial industry.
The client approached us shortly after a third-party agency launched the initial version of LEI WORLDWIDE. While the product showed promise, it required fine-tuning to realize its potential fully.
Here's a brief explanation of how the platform works to better understand the amount of work we faced. Entities apply for a unique LEI code through authorized issuers. Once their information is verified, the LEI is recorded in a global database that regulators and market participants can access. This code serves as a unique identifier, improving transparency, risk assessment, and regulatory reporting in financial transactions.
There was a significant need for a web-based platform that could handle company registration processes more effectively. The existing methods were often time-consuming and prone to errors. The client had confidence in our web development skills, particularly with PHP and the Laravel framework. However, since the product was already live, we had to plan each update carefully to ensure a smooth deployment. Our engineers also had to maintain a high pace of development while working with the existing code.
We began implementing changes by enhancing the invoice system, building integrations with specific services, and creating customized features from a prioritized backlog.
Our team has developed several exceptional features for the product, including:
Watchlist: A tool that allows users to add any LEIs and keep an eye on their validity.
Reminders: Notifications that alert users when their LEI number is approaching its expiration date.
Content Pages Builder: An administrator tool that enables the creation of stunning, stylized content pages from the admin panel.
Besides integrating with well-known services like Stripe, Mailgun, and Google Analytics, we connected the product to specialized solutions like Rapid LEI and GLEIF.
Rapid LEI integration allowed us to quickly obtain and manage LEIs for legal entities, which was helpful for companies dealing with a high volume of entities while complying with regulations.
GLEIF, as a non-profit organization, promoted implementing the LEI system and offered public access to comprehensive data through the Global LEI Index. That integration improved our search capabilities and minimized the risk of human errors.
Our team has successfully automated processes that used to be done manually, resulting in a more efficient and streamlined management system. This has significantly improved the customer experience and saved employee time. We have also automated various aspects of work for admins and improved user flow. Our client has been an excellent partner, providing valuable business insights and even supporting fundraising efforts for Ukraine during the war against russia. Together, we have formed a strong team and continue to work on further iterations.
Thanks to LEI Worldwide for the exciting challenge!
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