What is 
Project Aperta?
Project Aperta is an initiative led by BIS (Bank for International Settlements, the cooperation body for central banks). In short, it tested cross-border open finance interoperability. The project was run by the BIS Innovation Hub Hong Kong Centre. During the project, the prototype connected the open finance networks of five markets: the United Kingdom, the United Arab Emirates, Brazil, Hong Kong, and India. As a result, BIS calls it a network of networks.
The project brought together several central banks. These included the Hong Kong Monetary Authority, the Central Bank of Brazil, and the Central Bank of the United Arab Emirates. In addition, the UK financial regulator FCA took part. GLEIF (Global Legal Entity Identifier Foundation, the body that oversees the global LEI system) also joined, alongside the International Chamber of Commerce Digital Standards Initiative and several commercial banks and fintechs.
One important point. Aperta is a completed and tested prototype, not a live service yet. Even so, it shows clearly where cross-border finance is heading.
Why cross-border finance needs a common identity
Today, every country runs its open finance network on its own technical standards, data formats, and trust frameworks. Because of this, a company has to prove who it is all over again in every new market. In practice, that means repeated manual checks and slow onboarding. Moreover, the same documents get submitted again and again.
Small and medium-sized enterprises feel this the most. After all, they are the ones that need foreign business accounts, credit, and trade finance. Yet they rarely have the resources of a large corporation to deal with the paperwork.
How the LEI simplifies the process
The LEI (Legal Entity Identifier, a global identification code for legal entities) gives every company one globally recognised identity. So when a company identifies itself with an LEI, it can be identified precisely, instantly, and automatically. This works in a cross-border payment message as well as during business account opening. Furthermore, every valid code is publicly verifiable through LEI search.
Project Aperta showed how the LEI streamlines KYB (Know Your Business, business customer verification) and AML (Anti-Money Laundering, the prevention of money laundering) checks. The same logic also applies to KYC (Know Your Customer, customer identification) processes. In other words, one verifiable data point replaces a stack of repeated document submissions.
GLEIF CEO Alexandre Kech made a clear point about this. Any system moving legal entity data across borders needs a globally standardised way to verify organisational identity. The Global LEI System serves exactly that purpose.
What this means for businesses
Project Aperta responds directly to pain points the G20 has highlighted in its roadmap for enhancing cross-border payments. Above all, these include high compliance costs and limited access to financial services abroad. The project also continues a wider trend. For example, support for including the LEI in cross-border payment messages has come from FATF (Financial Action Task Force, the international anti-money laundering body) and the BIS Committee on Payments and Market Infrastructures. The Wolfsberg Group and the Swift Payment Market Practice Group have backed the same direction, and more industry leaders keep joining them.
In addition, GLEIF sees potential for the same approach in digital asset ecosystems. Exchanging verified legal entity data between financial institutions, platforms, and regulators would bring more transparency to tokenised finance as well. For now, this is a possibility, not a working solution.
For a business, the takeaway is simple. The LEI is becoming a standard tool for cross-border business. Therefore, the sooner a company gets its LEI, the better prepared it is for the moment open finance networks truly connect.
How to get an LEI
LEI System is an LEI Registration Agent, and applying for an LEI through us takes just a few minutes. After that, the code is issued almost immediately. Register your LEI here and give your company a globally recognised identity. It simplifies payments, account opening, compliance checks, and more. Finally, you can find an overview of costs on our LEI pricing page.