Afin Bank Selects ALMIS International to Drive Basel 3.1 Compliance and Balance Sheet Growth

Afin Bank has selected ALMIS International to manage its regulatory reporting and balance sheet transformation via the ALMIS One platform. For fintech leaders, this partnership highlights the urgent shift toward unified data systems as UK challenger banks prepare for the operational complexities of Basel 3.1 compliance ahead of the 2027 deadline.

What was announced

Afin Bank, a UK-based challenger bank that entered the market in 2025, has mandated ALMIS International to provide a single platform for its treasury, finance, and regulatory reporting functions. The deployment of ALMIS One is designed to replace fragmented legacy systems with a consolidated data source, ensuring consistency across governance, capital planning, and management reporting. A primary driver for this transition is the upcoming Basel 3.1 regulatory framework, which is scheduled to take effect in the UK on 1 January 2027.

By implementing a scalable solution now, Afin Bank aims to establish a foundation that supports its expanding product suite, which includes residential and buy-to-let mortgages, regulated bridging loans, and FSCS-protected savings accounts. The bank specifically sought a platform capable of evolving alongside its balance sheet complexity, rather than a temporary fix that would require replacement as the business grows. The mandate reflects a long-term commitment to maintaining regulatory rigour while managing the specific needs of a specialist lending portfolio that includes foreign nationals on visas, the self-employed, and contractors.

"Getting ready for Basel 3.1 also gave us the opportunity to put in place the right foundations for the continued growth of the bank. We picked ALMIS because it understood our balance sheet and our ambitions from the first conversation, not just the reporting requirement in front of us. That combination, regulatory rigour and a genuine understanding of what we're building, was what mattered."

Charles Resnick, Chief Financial Officer, Afin Bank.

The companies involved

ALMIS International is a specialist provider of treasury and regulatory reporting software, operating through its flagship ALMIS One platform. The firm focuses on delivering integrated solutions that bridge the gap between financial management and compliance for banking institutions, particularly those navigating the UK's evolving regulatory landscape. Jake Rose serves as the Chief Commercial Officer at ALMIS International.

Afin Bank is a recent entrant to the UK challenger banking scene, having launched in 2025 with a specific focus on "under-served" demographics. The bank targets borrowers who often fail to meet the rigid criteria of traditional high-street lenders, including foreign nationals working in the UK on valid visas, self-employed individuals, contractors, and those with complex income streams. By focusing on manual underwriting and a non-standard approach to lending, Afin Bank positions itself as a niche player in the mortgage and savings market. This business model requires robust back-end infrastructure to manage the unique risks and reporting requirements associated with a specialist lending portfolio as it scales within the UK market.

What this means

This partnership underscores a critical trend in the UK banking sector: the move away from "patchwork" regulatory technology. As the Basel 3.1 deadline approaches, challenger banks are under immense pressure to prove their capital adequacy and reporting accuracy without the massive compliance departments of Tier 1 incumbents. For the wider industry, this signals that the "tick-box" approach to regulation is no longer sufficient for scaling businesses. The pressure is now on regtech providers to offer more than just a reporting tool; they must provide strategic balance sheet oversight. This leaves smaller, less integrated software vendors at risk of being displaced by all-in-one platforms that can handle the increasing complexity of modern capital requirements.