Virgin Money partners with Codat
UK banking group Virgin Money has partnered with London-based fintech Codat to strengthen its digital business banking credentials. Codat will provide support and play a role in allowing a secure exchange of data between Virgin Money and its business bank customers.
“Our API offers many powerful use cases that strengthen the relationship between bank and customer,” said Pete Lord, CEO of Codat.
Codat connects the internal systems of small businesses to banks and other fintechs which allows for business data to move back and forth in real time, thus enabling financial services companies to integrate with a range of accounting, banking and commerce platforms used by small and medium businesses.
Codat will also back Virgin Money to help drive the insight that the bank will provide to customers as part of its SME Wellness Tracker, which will launch later part of 2021, the press note stated. Further applications are also being explored to “accelerate the Bank’s commitments to enhancing working capital solutions for SMEs and data-driven insights for relationship managers”.