London, 23 October 2024 – ElysianNxt, a leading provider of integrated risk management solutions, is thrilled to announce a strategic partnership with Creditspring, a pioneer in offering new solutions for credit, turning lending on its head. Creditspring currently offer services in the United Kingdom and are embarking on a project with ElysianNxt to enhance their IFRS 9 reporting capabilities. The project aims to deliver comprehensive Effective Interest Rate (EIR) and Expected Credit Loss (ECL) calculations, ensuring Creditspring’s ongoing commitment to transparency, financial inclusion, and innovation through further strengthening compliance and audit readiness.
With the increasing regulatory and audit requirements around IFRS 9, Creditspring has chosen ElysianNxt’s innovative risk management platform to enhance its financial reporting capabilities. This partnership underscores both companies’ commitment to leveraging cutting-edge technology and risk analytics to streamline compliance, while preparing for future regulatory demands.
Jim Donnet, CFO of Creditspring:
“Creditspring selected ElysianNxt after a lengthy due diligence process of suitable vendors with IFRS 9 offerings. We selected ElysianNxt due to its robust IFRS 9 solution capabilities, breadth of offering, innovative technology and ElysianNxt’s keen desire to bring Creditspring on as their first UK client”.
Neil Kadagathur, Co-Founder & CEO of Creditspring:
“Creditspring is always looking for partners that share our vision of responsible financial management and innovation,” added Neil Kadagathur, Founder & CEO of Creditspring. “This collaboration with ElysianNxt is a key milestone in our strategy to ensure we not only meet current regulatory standards but also set a solid foundation for our reporting requirements into the longer term”.
Matthias Coessens, Managing Director EMEA of ElysianNxt:
“At ElysianNxt, we are passionate about enabling our clients to meet the complexities of financial regulations with ease and precision, with cutting edge technology” said Matthias Coessens, Managing Director EMEA of ElysianNxt. “We are excited to partner with Creditspring in their IFRS 9 journey, bringing our scalable and robust EIR and ECL solutions to help them ensure compliance, prepare their audit processes for the future, and maintain their leadership in financial responsibility. We are also very excited to bring the UK onto our global map of clients and look forward to further collaborations in the future“.
ElysianNxt remains committed to driving forward the evolution of financial technology, empowering institutions worldwide to thrive in an ever-changing landscape. The partnership with Creditspring to enhance IFRS 9 compliance stands as a testament to ElysianNxt’s commitment to excellence, innovation, and partnership.
About ElysianNXT
ElysianNxt's IFRS 9, Basel, ALM solutions and more are part of a pioneering, end-to-end Financial Risk platform that was built using the latest streaming technologies. By using a distributed microservices architecture compared to a traditional central-database design, the solution can process large quantities of information in real-time. Users can react quickly to changes by performing real-time stress testing and running multiple simulations on the fly to see the immediate impact in minutes. The user-friendly system interface design provides useful information from the portfolio level, which can be drilled down to the contract level and exported in various formats.
