A significant milestone has been reached as Allica Bank becomes the 38th participant in Acquis Data Services’ Lumia platform. This innovative tool, launched in 2022, plays a pivotal role in monitoring asset finance arrangements and detecting unusual borrowing behaviors. The integration of Allica Bank into the Lumia ecosystem signifies a commitment to safeguarding financial integrity within the industry. Since its inception, the Lumia platform has steadily gained traction, now encompassing 75% of the total asset finance market.
Allica Bank, known for its focus on supporting established small and medium-sized enterprises (SMEs), has demonstrated remarkable growth in its asset finance offerings. By January 2021, the bank had introduced an asset finance product that quickly amassed over £650 million by the end of last year. With ambitious plans to reach £1 billion in asset finance by 2025, Allica continues to solidify its position in the UK financial landscape. Furthermore, the bank reported a robust profit after tax of £29.8 million in 2024, reflecting a substantial increase from the previous year's earnings.
The collaboration between Allica Bank and Lumia underscores a shared vision of fostering transparency and combating fraud in the financial sector. James Rudolf, director of Acquis Data Services, expressed enthusiasm about this partnership, highlighting how it propels the platform closer to comprehensive market coverage. Meanwhile, James Breteche of Allica Bank emphasized the importance of integrating advanced security measures like Lumia to protect both the bank and its customers from fraudulent activities. Additionally, recent updates to the Lumia platform include a new feature enabling users to track significant fluctuations in borrowing values, thus offering deeper insights into financial trends.
Incorporating cutting-edge technology like the Lumia platform not only strengthens financial institutions' ability to monitor and mitigate risks but also promotes a more secure and transparent financial environment. As businesses continue to embrace such innovations, they contribute positively to the overall health and stability of the global economy. This strategic alliance exemplifies how collaboration and technological advancement can drive progress in the financial services sector.