How Zirtue keeps relationship-based lending honest and safe
Company Size
11-200
Region
- America
Country
- United States
Product
- Zirtue mobile application
- Sift Payment Protection
Tech Stack
- ACH loan payments
- Sift Workflows
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Real Time Analytics
- Application Infrastructure & Middleware - API Integration & Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
- Regulatory Compliance Monitoring
Services
- Data Science Services
- System Integration
About The Customer
Zirtue is a mobile relationship-based lending application that simplifies loans between family, friends, and trusted relationships with automatic ACH loan payments. Both parties agree to a loan repayment schedule, the payments are made automatically via the payer’s bank account, and the awkwardness of asking to be repaid becomes a thing of the past. Based in the US, Zirtue grows 60% month-over-month as they work to create a more financially inclusive world. The platform is targeted specifically to college students, offering 24/7 study help for topics ranging from business and programming to writing and humanities.
The Challenge
Zirtue, a mobile relationship-based lending application, was facing a growing issue of friendly fraud where users were disputing their loan payments falsely claiming they had not authorized the transactions. This was compounded by the fact that Zirtue had access to a very limited amount of user data, preventing them from proactively recognizing suspicious behaviors and stopping the fraud before it happened. Additionally, the vetting process for taking out a loan was lengthy and required tedious and time-consuming email exchanges between Zirtue and the borrower, to ensure the borrower could confirm their identity. This manual work frequently delayed loans, creating headaches for the Data Analytics team and borrowers alike, and it was looking as though another team member would need to be hired to help handle the workload.
The Solution
Zirtue implemented Sift’s Payment Protection product which provided access to a wealth of data that Zirtue didn’t have, completely revolutionizing the way the Data Analytics team managed fraud. The team implemented Workflows that automatically blocked users with certain Sift Scores (risk score based on behavioral attributes), eliminating the need to pore over documents and send multiple emails to ensure users were trustworthy. With the Network feature, Zirtue’s team has been able to identify additional accounts connected with fraudulent users, preventing fraud rings from transacting on the platform. This full-picture understanding of their user base has made the team more knowledgeable overall, and better equipped to spot suspicious behavior and activities.
Operational Impact
Quantitative Benefit
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