Market-Leading Peer-to-Peer (P2P) lender Zopa today announced it is to launch Sphonic's Workflow Manager (WFM) solution to mitigate against fraud in the fast moving digital environment.
Whilst fraud levels at Zopa are well managed, protecting lenders and borrowers through its market leading platform is paramount as the company continues its impressive growth strategy through digital channels.
Created through the vision of its Founder & Chief Product Officer Andy Lee, Sphonic's core product WFM, acts as a Context-Broker that leverages data points from over 50 of the world’s leading data vendors and risk management technologies through an intelligent workflow engine. WFM enables access to vendor services through a single RESTful API, removing the complexity of multiple integrations, as well as leveraging the Sphonic flow-control logic within the platform driving real-time insight to detect fraud efficiently as well as identifying genuine consumer behaviour.
After a successful trial of WFM, Zopa has agreed a long-term contract with Sphonic to integrate its technology and profile risk across its platform. Speaking of the partnership Jaidev Janardana CEO of Zopa said “Zopa’s growth journey continues to embrace the benefits of digital channels, enabling fast and effective access to our products. As well as diversifying our products, along with the move to real-time approval processes, we recognise the potential threats in the fast-moving digital environment. We chose Sphonic due to the breadth of access to innovations through its platform, as well as the flexibility to modify and adapt the service with minimal effort. We also recognise the collaborative approach with Sphonic’s technology and look forward to a long-term working relationship supporting our risk management needs into the future.”
Riten Gohil CEO of Sphonic added: “We are extremely excited by this partnership with Zopa, we proved our value through an initial test and were able to move to a commercial engagement in fairly swift time thereafter. Zopa are a leader in the burgeoning Fintech space and we are really proud to be working with this market leader. Our technology continues to prove its value across a rapidly increasing client base and are confident that Zopa will reap the benefits from our technology over the coming years”.
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