London, 21 May 2025 – ElysianNxt, a leading provider of integrated risk management solutions, and Creditspring, an innovative UK-based credit provider, are proud to announce a key milestone in their partnership: the successful go-live of the IFRS9.NXT solution at Creditspring.
The collaboration began with Creditspring’s goal to enhance the granularity, accuracy and transparency of its Effective Interest Rate (EIR) and Expected Credit Loss (ECL) calculations. Following a rigorous tender process, ElysianNxt was selected for its robust IFRS 9 capabilities, flexible architecture, and cutting-edge technology. Today, Creditspring benefits from advanced EIR and ECL engines that are intuitive to use and provide significantly greater oversight than previous tools allowed.
Jim Donnet, Chief Financial Officer at Creditspring, commented:
“The implementation of ElysianNxt’s IFRS9.NXT solution has been smooth and efficient from start to finish. The ElysianNxt team has been highly responsive throughout, enabling delivery on time, on budget, and with minimal disruption to operations. The solution has brought strong value, providing us with a much more sustainable and forward-looking approach to IFRS 9 compliance.”
Charles McCulloch, Finance Director at Creditspring, added:
“The system is intuitive and clearly designed with real-world risk operations in mind. It has transformed the way we manage and oversee our IFRS 9 calculations. Compared to our previous approach, we now have much greater transparency and auditability, which has significantly strengthened our internal controls and review processes. Beyond reporting, we see opportunities to give more meaningful feedback to the business in relation to credit performance and its impacts on product mix decisions.”
Matthias Coessens, Managing Director EMEA at ElysianNxt, said:
“It’s always a pleasure working with Creditspring. From the very beginning, they’ve been collaborative, clear in their goals, and open to innovation. We’re proud to have delivered a solution that not only meets regulatory requirements but also elevates their overall approach to IFRS 9 and risk management. We’re excited for the future of this partnership and the innovations we’ll continue building together.”
This successful go-live marks a significant step forward for both companies, laying the foundation for deeper innovation in financial risk and compliance.
ElysianNxt continues its mission to deliver cutting-edge risk technology, empowering financial institutions around the world to thrive in a rapidly evolving regulatory landscape through strong, strategic partnerships.
About ElysianNxt
ElysianNxt is enabling financial institutions around the world to react faster to the never-ending regulatory demands with industry-shaping solutions that are user-friendly, real-time, and effortlessly scalable. Powered by latest technologies, our services focus on solving evolving challenges in Regulatory Reporting, enterprise-wide Data Management, IFRS 9, Basel, ALM, Stress Tests and Simulations. Designed for speed, flexibility, and transparency, ElysianNxt empowers financial institutions to make data-driven decisions and comply with regulations with confidence.
About Creditspring
Creditspring is an FCA-regulated responsible lender, providing a new way to access credit: through subscription finance. This new approach to lending makes it fairer, safer and easier to understand. By paying a small fixed monthly fee, Creditspring members can access up to two no-interest loans per year. This approach means that members know exactly how much they are going to pay the moment they apply as this model eliminates confusing APRs, hidden charges and, even more importantly, the risk of debt spiraling. By eliminating excessive charges such as late fees, administrative costs, and penalty interest, Creditspring’s interests are aligned with those of its members - supporting their financial progress rather than compounding their challenges. Currently, Creditspring serves almost 300,000 active membersover 250,000 members across the UK.
