Virgin Money customers in the UK will be able to use credit card and current account balances from other banks due to a collaboration with Mastercard.
The global payment network will utilise its Open Banking technology alongside Virgin Money UK’s smart finance solution to enable its customers to manage their finances more seamlessly, converting their funds from one bank account to another.
This is part of Virgin Money’s continued initiative of providing digital-first solutions to its 6.6 million UK customers to unearth new methods and solutions how bank users can handle their money.
Katherine Lovell, Head of Unsecured Lending at Virgin Money, said: “We’re thrilled to collaborate with Mastercard to make it easier for credit card customers to access information about their non-Virgin Money credit cards and current accounts through Virgin Money’s credit card app.
“Open Banking is an exciting opportunity to make it easier for people to manage their finances and we’re delighted to work with Mastercard to introduce and evolve this feature for over two million credit card customers who interact with us digitally every month.”
Open Banking is at the heart of the recent partnership, which is undergoing somewhat of an evolution across the UK.
The government recently announced the Open Banking-powered Gov.UK Pay service that will look to power digital payments across more than 1,000 different public sector services and is currently seeking a payment service provider to facilitate the expansion.
Mastercard has also been at the forefront of providing Open Banking adoption, partnering with firms last year such as Unzer to process account-based payments and driving Pay by Bank adoption too.
“We’re proud to provide Virgin Money with open banking solutions that fuel their continued efforts to deliver cutting-edge financial tools,” said Valérie Nowak, EVP, APEMEA Open Banking at Mastercard.
“This partnership shows the power of open banking and its ability to create connected, user-friendly, and embedded financial services that make people’s lives easier.”
