Lombard is the latest and largest provider of asset finance in the UK to join Acquis Lumia, an asset finance register 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 industry collaboration in order to reduce lending risk.
Lombard is a specialist in asset-based lending and began trading in 1861 by hiring out rolling railway stock. Today, it is part of the ring-fenced business of NatWest Group and is the biggest (bank subsidiary) asset finance provider in the UK based on leasing volume.
Lombard will work with Acquis Data Services and other parties to provide the necessary data points required to help provide lessors with greater transparency when making lending decisions. Lumia does this by providing an anonymised debt register of a company’s asset finance exposure, Acquis said in a statement.
James Rudolf, director of Acquis Data Services said: “Lombard signing up to the Lumia register is a tipping point for the service. As the market leader, Lombard has taken a proactive role in demonstrating the industry takes fraud seriously and is willing to collaborate for the greater good. The momentum this provides is welcomed, and with many other providers already on board, Lumia is truly a valuable new service built by the industry for the industry.”
Ian Isaac, managing director of Lombard added: “Acquis Lumia personifies collaboration. It’s helping the industry unite towards a common cause, and it’s only right that we join this action. The industry can do more together to fight fraud, and Lumia is a simple solution that does this – it made perfect sense for us to get on board and demonstrate our commitment to working together.”
“There is tremendous value in the data. Lending always carries an element of risk, but by uniting and providing us all with market-wide data, lessors can be more confident in their decisions. To not get involved would be risking the future health of our industry, we’re delighted to be an early adopter.”
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