The UK’s first peer-to-peer lender Zopa is to deploy Sphonic’s Workflow Manager (WFM) solution for real-time fraud detection.

The system acts as a ‘context broker’ that leverages data points from more than 50 major data vendors and risk management technologies through an intelligent workflow engine. It enables access to vendor services through a single RESTful API, removing the complexity of multiple integrations.

Zopa agreed to a long-term contract with Sphonic after a successful trial of WFM.

Jaidev Janardana, CEO of Zopa, said: “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.”

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