Virgin Money recently announced it has added UK-based fintech, Codat, to its team of technology partners as it strengthens its digital business banking credentials. Virgin Money reported that Codat’s financial technology offer will play a key role in allowing a “seamless and secure” exchange of data between Virgin Money and its business bank customers.
“The agreement is the latest partnership from the Bank as it continues to develop its Working Capital Health proposition, which aims to transform the Bank’s existing business current account and forms part of its commitment relating to the recent £35 million award from the Banking Competition Remedies (BCR) Capability and Innovation Fund.”
Virgin Money further revealed a key part of Codat’s remit will be to help drive the insight that the Bank will provide to customers as part of its SME Wellness Tracker, which will launch later in 2021. Gavin Opperman, Group Business Director at Virgin Money, further spoke about the Codat collaboration by stating:
“A key part of our approach is collaboration with external partners like Codat, bringing expertise and knowledge to help build a compelling customer proposition. By introducing clever, intuitive software, customers will have a new level of insight to help them understand their own business, allowing them to manage efficiently and grow their operations.”
Pete Lord, CEO at Codat, added:
“Our API offers many powerful use cases that strengthen the relationship between bank and customer. It is a foundation for the future of banking and a journey we are very excited to partner on with Virgin Money.”