Acquis Data Services has announced its partnership with Paragon Banking Group which has signed up to its product Acquis Lumia.
Launched in May 2022, Acquis Lumia is a register of asset finance borrowing designed to support lending decisions.
Acquis began talks about its asset register proposal in the wake of the Arena Television scandal which broke in November 2021 when the outside broadcaster’s two directors suddenly closed the company and absconded, leaving behind unpaid debts of around £280m, owned predominantly to leasing companies.
John Phillipou, Managing Director of SME Lending, Paragon said: “Acquis Data Services has led the fight for change in the asset finance market with the creation of Acquis Lumia, […] The FLA have done a great job of canvassing members on the required solutions to tackle fraud and its fantastic to see they have updated their best practice guidelines to reference Acquis Lumia. As providers we may compete in business, but this is not the case for fraud.”
James Rudolf, Director, Acquis Data Services said: “John is passionate about the industry and has been extremely keen to make a difference from the beginning of our collaboration, his frustration with previous undetected frauds has been clear throughout and this has driven all of our commitment to ensure Arena was a catalyst for industry change.”