Head office: Loportar u. 20/b, 1134 Budapest, Hungary Tel: +36 1 789 0626 Other offices: Romania, Russia, Saudi Arabia, Turkey, UAE Website:
www.loxon.eu Contact: Kinga Ferencz Email:
Erika.benke@
loxon.hu Founded: 2000 Ownership: Privately owned Number of staff: 110
Products
The company’s first product started to evolve in 2002, with the initial focus on collateral management. Applications followed for collections (the first customer was CIB in Hungary) and loan origination (first taker was BIC in Hungary). At Raiffeisen, the company worked on a solution for Basel II compliance between 2001 and 2003, with this becoming a product in 2004, with Raiffeisen effectively the first customer. The products are written in Java, a fairly clear-cut decision in 2000, with a thin client front-end. The suite is database and hardware independent. There is considerable parameterisation and the company claims relatively short implementations, which seems reasonable given the rapid ramp-up of its customer base over a relatively short period. The collateral management system handles Basel II compliant analytics for recording collateral, regulatory compliance and management of capital. There is also a specific solution to support Basel II and Basel III compliance. There are also systems for limit management for corporate lending and rating and scoring. The latter is intended to support centralised financial data capture and supports various indicators and quantitative and qualitative measurements. There is an IFRS provisioning system, collections system and early warning system to identify problematic exposures. The first contract outside of Hungary was gained in 2004 and came via a partnership forged the previous year with Oracle. This was ahead of Oracle acquiring I-flex Solutions (which brought a risk management offering, Reveleus) and Oracle at this stage was keen to find a strong risk solution. This partnership helped a lot, said Erni. Loxon gained takers for its applications in Romania (Banca
Comerciala Romana, now part of Erste Bank, went live with a solution from Loxon in 2005 for corporate lending and credit
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monitoring), Serbia, Croatia and Albania. Raiffeisen helped with the international expansion, rolling out Loxon solutions in Hungary, Serbia, Albania and Ukraine (Croatia was ongoing in mid-2012). KBC in Serbia was also an early signing, for lending. In Hungary, Loxon gained more or less all of the banks as customers, with the exception of FHB. Loxon tends to implement its own applications, rather than using delivery partners. This is largely due to the complexity of risk. As such, the company has its own consulting and services arms. Many of its staff are ex-bankers. Despite the acquisition of I-flex Solutions and creation of Oracle FSS, there is still a relatively proactive partnership with Oracle. In the Basel II space, Loxon competes with the likes of Fermat/Moodys, FRS Global and SAS.
In 2006, the company started to explore the Russian market and the following year it did the same in the Middle East. It set up an office in Russia, where it gained a first customer (currently off-the-record), with a Russian managing director, and also established offices in Bucharest, Belgrade (2010) and Dubai (2011). Two customers were signed in Ukraine, comprising Raiffeisen (Bank Aval) for collateral management, IFRS and the early warning system, followed by Prominvest Bank for rating and scoring. In the Middle East, Loxon signed Egyptian Arab Land Bank (EALB) in Jordan and Bank of Bahrain and Kuwait (BBK) in Bahrain for Basel II. I t also signed Tanmeyah in Egypt, a microfinance company set up by the former CIO of Bank of Alexandra, for rating and scoring. Arab Jordan Investment Bank (AJIB) was added in early 2012, signed via the vendor’s local partner, Pio-Tech. EALB and AJIB use Loxon’s suite for Basel II and III requirements, rating/scoring and stress-testing. Elsewhere in the Middle East, Abu Dhabi Islamic Bank (ADIB) went live in spring 2014 with Loxon’s early warning system for small business customers. The next step was
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company details
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