Cambridge & Counties Bank has joined the Acquis Lumia community, a collaborative initiative aimed at combating fraud in the asset finance sector.
Launched in 2022, Lumia is a central register of asset finance borrowing that provides lenders with data insights to make informed lending decisions.
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The platform is designed to foster industry collaboration by allowing lenders to view a company’s current asset finance arrangements in real time.
Cambridge & Counties Bank, based in Leicester, specialises in lending to small and medium-sized enterprises (SMEs) and professional investors.
Last year, Cambridge & Counties Bank recorded a surge in demand for its asset finance products and anticipates this trend to continue into 2024.
The bank predicts that SMEs will seek to update their assets and invest for growth, driving further demand for asset finance solutions.
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By GlobalDataLast year, the bank expanded its asset finance team and plans to continue this growth in the current year by hiring new staff across its risk, credit, and operations teams.
Cambridge & Counties Bank head of asset finance Glen Christie-MacAllan said: “We are thrilled to be joining Acquis Lumia and working alongside the community of other lenders in combatting such an important issue.
“Fraud and risk are challenges for all lessors and we all want to see these dealt with effectively. Working collaboratively through initiatives such as Lumia to help reduce fraud is something we have wanted to be a part of, and we are looking forward to playing a central role.”
Acquis Data Services director James Rudolf said: “Having Cambridge & Counties Bank on board Acquis Lumia is wonderful news. With each asset finance lender who joins, the strength of Lumia grows and will contribute to impactful change within the industry. The power lies in this collaboration and helping each and every lender make better decisions.”
Renaissance Asset Finance, another UK-based asset finance provider, joined the Acquis Lumia community earlier this year.
Other financial services providers, including Conister, Lombard, and United Trust Bank, are also members of this community.
