As it shores up its online corporate banking qualifications, Virgin Money has brought U.K. FinTech Codat onto its roster of partners. The technology of the latter company will have an important position in enabling the communication of information among Virgin Money and its corporate bank clients, according to a Monday (Feb. 1) announcement.
The deal is the newest partnership from Virgin Money as it keeps building out its working capital wellness offering, which comprises part of its commitment connected to a recent 35 million pound (approximately $47.84 million) Banking Competition Remedies (BCR) Capability and Innovation Fund award, the announcement stated.
“Our [application programming interface (API)] offers many powerful use cases that strengthen the relationship between bank and customer,” Codat CEO Pete Lord said in the announcement. “It is a foundation for the future of banking and a journey we are very excited to partner on with Virgin Money.”
Codat will assist in fueling the analysis that Virgin Money will offer as part of its wellness tracker for small- to medium-sized businesses (SMBs), which will roll out in 2021, the announcement stated. More use cases for the technology are being examined to help with Virgin Money’s promises to bolster SMB working capital solutions and for data-driven analysis for relationship managers.
“Our Working Capital Health proposition will be unique to the business banking market, and Codat is an important ingredient which will help us [realize] our ambitions in this area,” Gavin Opperman, group business director at Virgin Money, said in the announcement.
Codat links the technology inside of SMBs to banks, financial institutions (FIs) and FinTechs, letting corporate information be exchanged live. The company, which was established in 2017 in London, has landed 7.5 million pounds (approximately $10.26 million) in awards from the BCR Capability and Innovation Fund to help with the commercialization of FinTech pertinent to SMBs, according to the announcement.