On Monday, peer-to-peer lending platform, Zopa, announced it has teamed up with risk management business, Sphonic, to launch the Workflow Manager (WFM) solution for real-time fraud detection.
Zopa reported that WFM’s software 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. It enables access to vendor services through a single RESTful API and removes the complexity of multiple integrations.
The portal revealed that while its threat levels are currently well managed, it is on a mission to protect both lenders and borrowers from any future situations. Jaidev Janardana, CEO of Zopa, stated:
“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.”
