Asset finance provider PEAC Solutions has taken a significant step in enhancing its risk management capabilities by joining the Acquis Lumia platform. This move aims to mitigate risk and boost financial transparency, benefiting both lenders and borrowers in the asset finance industry.
The Acquis Lumia platform serves as an industry-wide register that allows for the monitoring of asset finance agreements. By integrating with Lumia, PEAC Solutions aims to improve its ability to detect irregular borrowing activities, thereby safeguarding against fraud and enhancing credit decision-making processes.
Acquis Data Services launched the Lumia platform in 2022. Since then, it has offered lenders an up-to-date overview of live asset finance commitments, thereby assisting them in managing risks more effectively.
PEAC Solutions, known for providing financing solutions to equipment manufacturers, distributors, dealers, and customers, has positioned itself as the UK’s tenth-largest lessor and the largest independent lessor. This new collaboration highlights its commitment to leveraging innovative tools to enhance its service offerings.
Earlier this month, PEAC Solutions made headlines with the launch of its Green Asset Finance framework, developed in partnership with the Carbon Trust. This framework offers clients products to finance eligible assets that promote sustainability, such as clean transportation, energy-efficient plants, recycling facilities, and assets that contribute to pollution control or the circular economy.
Justin Jacobs, PEAC Solutions’ credit director, emphasized the importance of this collaboration by stating, “We have worked with Acquis since 2019, and we have built a great working relationship with the team, so signing up to Lumia was a natural next step for us as we look to build a more collaborative asset finance environment. Fraud continues to become more sophisticated, and it is essential that we stay ahead by leveraging collaborative industry tools like Lumia.”
James Rudolf, director of Acquis Data Services, expressed his enthusiasm, “We’re thrilled to have PEAC Solutions on board the Lumia platform. With 39 companies signed up, the power of this platform is growing each day, and the potential for further collaboration, using Lumia as a basis, is a really exciting prospect.”
The addition of PEAC Solutions follows Allica Bank’s recent adoption of the Lumia platform, making it the 38th organization to do so. This growing list of participants underscores the platform’s increasing influence in the asset finance sector.
As global finance landscapes continue to evolve, platforms like Acquis Lumia are playing a crucial role in helping lenders anticipate changes and manage risks effectively. By joining this platform, PEAC Solutions is not only reinforcing its commitment to risk management but also setting a precedent for others in the industry to follow suit.
For more updates on fintech innovations and industry news, visit fintechfilter.com.
Note: This article is inspired by content from https://www.leasinglife.com/news/peac-solutions-joins-acquis-lumia/. It has been rephrased for originality. Images are credited to the original source.