Grand Company Standings?

I've just checked my Lodestone character profile and it's telling me that I'm 24 in the Grand Company standings (Immortal Flames) and 74 in the Grand Company standings (All).
What are these Grand Company standings and do they actually do anything for you?

I've searched on Google, but it just kept bringing up FC Standings, not Grand Company.

Iirc, it's based on the amount of points you've earned doing GC leves... I think .-.

it's based on seals earned through any method

As far as I know, they don't do anything for you. Just gives something to compete for with friends, I guess.