Acquis Lumia exposure register gains support of UK asset finance industry

Throughout January, Acquis Data Services have announced the first wave of subscribers to Acquis Lumia – a solution created in response to the Arena Television fraud which impacted as many as 50 lenders in the UK asset finance industry. Acquis Lumia was developed with the collaboration of leading players in the industry in order to enhance the credit checking process and reduce lending risk.

On January 5th, the inaugural contract was agreed with Investec Asset Finance plc, who joined Acquis Lumia to provide the necessary datapoints to highlight possible fraudulent activity and to improve lending decisions.

Steve Budd, COO at Investec commented: “We have been supportive of the development of an asset borrowing register from the start. Sharing data and collaborating with colleagues across the asset finance market was the obvious and sensible solution to a significant fraud problem. Acquis has led the charge for the industry and has delivered an innovative solution in record time that will improve the way we do things. It was a no brainer for us to be part of it from day one in order to demonstrate our commitment to reducing fraud in our industry, which will benefit everyone.”

Bibby Financial Services joined the Acquis Lumia register on January 19, 2023. Derek Ryan, UK Managing Director at Bibby Financial Services commented: “The asset finance industry finds itself at a critical point in its fight against fraud and we are delighted to have signed up at an early stage to Acquis Lumia. Our industry has been calling for some time for a quick, easy and innovative solution that improves the way we operate; Acquis Lumia is showing that it is just that solution and working together we are sure it will contribute to reducing fraud in the sector.”

Shire Leasing PLC was announced as the latest asset finance provider to subscribe on January 31st and will work with the industry to provide key data into Acquis Lumia to support the stand against asset finance fraud.

Mark Picken, CEO at Shire Leasing commented: “We are delighted to have joined the Acquis Lumia community and to be part of such an inspired product that has the potential to have a significant impact on reducing fraud in our industry. We’d like to thank Acquis for taking the leading role in bringing the industry together to deliver this collaborative and innovative solution to fraud.”

Stephen Bassett, head of Asset Finance Connect’s asset finance community reports that, ” I understand the Lumia exposure register initiative (by Acquis), which was discussed here some time ago, is really making headway now. In 50 years working in the sector, I have seldom, if ever, seen such a willingness to protect shareholders and each other and to keep fraudsters out of the sector.

“It is not for me to name names, but do keep an eye on announcements in the next month or so, as funders big and small add their weight and data to this process. As a result, the door will begin closing on customers who choose to lie, run multiple bank accounts, or falsify their balance sheets, all in order to extract money by deception. All the lenders joining this initiative early doors should be highly commended and will thoroughly deserve their better protected portfolios.”