Magex Managed Payments
Platform Powers Zopa e-wallets
31st March 2005
Magex Limited, a leading European
provider of Internet and mobile payment services, announced
today that Zopa Limited is using Magex’s Managed Payments
Platform to power the e-wallet functionality of its
innovative new online loan exchange.
Zopa, which is the brainchild of the
founders of the online bank Egg, has recently launched its
new loan exchange service in the UK. In short, Zopa, which
stands for Zone Of Possible Agreement, acts as an exchange
where credit worthy borrowers can be matched with willing
lenders. All borrowers are credit-checked before joining
the Zopa service and only the top 40 percent of borrowers
will be accepted as members categorised as either type A or
type B.
Zopa allows borrowers to borrow up to
£15,000 and automatically matches them with lenders who have
previously agreed to lend to borrowers in that category.
Lenders are allowed to lend up to £25,000, but will never
lend more than £200 to any one individual greatly reducing
the risk of bad debt.
Commenting on Magex, Richard Duvall,
CEO of Zopa, said “We chose Magex because of their
experience supplying payments services for demanding
e-commerce applications. Their expertise and commitment to
delivering innovative services together with their
impressive client list made them a natural choice for Zopa.
Our business counts on both lenders and borrowers moving
funds with complete confidence in our service. And we in
turn have that same confidence in Magex to process the
underlying funds transfers quickly and securely.”
“Magex is delighted to work with Zopa
on such an exciting and revolutionary consumer financial
service”, said Josh Groves, Magex CEO. “Magex is committed
to providing online payments technologies that give the Zopa
team the flexibility, dependability, and security they
require as they take the service forward.”
The Zopa service is authorised by the
Financial Services Authority and has been granted a credit
licence under the Office of Fair Trading.
About Magex
Magex provides electronic
payments services for financial services institutions,
telecommunications operators, and e-commerce companies.
Using Magex’s hosted payments platforms, Magex’s customers
are offering their consumers P2P and P2M payments,
electronic funds transfers, cross-border remittance
services, mobile payments, and end-to-end stored-value card
services across the Internet, POS and mobile networks.
Through its account-based system, the Magex service can
transfer funds between various funding and withdrawal
mechanisms: debit card, credit card, bank account, and cash.
The Magex technology addresses the security and transaction
complexities associated with Internet and mobile payments,
enabling fast, safe and easy financial transactions. The
Magex client list includes NatWest Bank, part of The Royal
Bank of Scotland Group, MasterCard International, and
retailers throughout the United States.
Magex Ltd. is a
subsidiary of Magex Holdings Ltd which is headquartered in
London and has offices in San Francisco and Phoenix; its
shareholders include SLF Partners, The Royal Bank of
Scotland Group, Capital Z, and RVC.
