BankServ Powers Innovative Lending Club Person-to-Person Lending and Borrowing Platform

SAN FRANCISCO, Aug. 7 /PRNewswire/ -- BankServ (http://www.bankserv.com),worldwide experts in electronic payments, today announced its part in thesuccessful launch of Lending Club's collaborative person-to-person (P2P)lending platform. Lending Club has implemented BankServ's Magex PaymentPlatform, ACH reporting and cash management solutions. P2P banking and payments is set to be a major growth industry. TheBankServ solutions have been deployed to support Lending Club's innovative,online facility that brings a new financial service to various onlinecommunities (including university alumni groups, social networks, andprofessional organizations). The Lending Club solution offers users theability to get a loan, fully online, at a lower rate than from traditionalsources. Lending Club manages user authentication, credit checks and loanprocessing, and, through its LendingMatch(TM) technology, matches up groupsof compatible lenders and borrowers. "We set out to find a company that could support our P2P service andprovide us with ACH reporting and cash management facilities that wouldseamlessly integrate with the other components of Lending Club'stechnology, namely credit analytics, portfolio recommendation, profilematching, authentication and collections. We recognized that BankServ'sMagex Payment Platform has become the standard for any company that isserious about launching a P2P financial service," comments John Donovan,COO, Lending Club. "Many payment industry experts are convinced that P2P lending willdefine a new era in electronic payments. There is a clear need for newsolutions that improve service and convenience to consumers, and LendingClub has achieved this with its innovative LendingMatch(TM) technology,"said Mary Ellen Putnam, Vice President of International Business, BankServ."We are pleased that the BankServ technology offerings have been selectedby Lending Club and look forward to working with this impressive team asthey build on their success." "We were looking for a partner that brings experience in P2P, thepayments industry, and that also understands the need for speed andefficiency. BankServ has proven technology and services that made them anobvious choice for Lending Club," concludes Donovan. About BankServ Since 1996, BankServ has been developing and delivering electronicpayments technology for financial institutions across the globe, includingsystems for Fedwire, SWIFT, online payments and Check 21. More informationabout privately held BankServ can be found at http://www.bankserv.com.