Acquis Data Services has today announced the first of a series of contracts signed with leading asset finance companies in the UK for the provision of Acquis Lumia, a central register of asset finance borrowing designed to reduce fraud in the industry. The inaugural contract has been agreed with Investec Asset Finance plc (“Investec”), who join 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.
Steve Budd, COO at Investec comments: ‘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.’
James Rudolf, CCO Acquis Data Service comments: “This deal with Investec, the first of many we have been working on, marks an important milestone in the development of Acquis Lumia, an innovative solution that was first mooted only a year ago. It’s testament to the creativity and commitment of Investec that they were eager to be part of the early adopters and demonstrate their willingness to come together in order to improve the picture of fraud in asset finance. There are another 12 signed contracts that we’re looking to announce over the coming weeks.’