Mastercard's Open Banking initiative teams up with Virgin Money for streamlined account consolidation.
Virgin Money, a leading financial institution with over 6.6 million retail and business customers across the UK, has announced a partnership with Mastercard to make managing finances easier for its customers. This collaboration aims to "re-imagine" how customers interact with Virgin Money and manage their finances.
The account aggregation solution, designed by Virgin Money, will allow customers to view balances and transactions from other banks on the Virgin Money Credit Card app. This means that Virgin Money credit card customers will now have easier access to information about their non-Virgin Money credit cards and current accounts.
Katherine Lovell, head of unsecured lending at Virgin Money, expressed her excitement about the partnership, stating that it will make managing finances more convenient for customers. She also highlighted that this is an opportunity that Virgin Money is keen to explore and evolve, working closely with Mastercard.
Mastercard's Open Banking technology is being used for the account aggregation solution. This technology is based on the principles of Open Banking, which allows third-party providers to access a customer's financial data securely and with their consent. According to Mastercard's research, payments are the top use case for Open Banking.
Valérie Nowak, executive vice president of APEMEA Open Banking at Mastercard, expressed pride in providing Open Banking solutions to Virgin Money. She stated that this partnership demonstrates the power of Open Banking and its ability to create user-friendly financial services.
Mastercard has been at the forefront of Open Banking, having published research at the end of last year showing that Open Banking has been widely adopted by B2B and consumer users in the US, UK, Nordic, and Australian markets. Mastercard's white paper 'Open banking: The trust imperative' revealed that 76% of consumer respondents reported connecting their financial accounts directly to tools to conduct financial tasks.
In a significant move, Mastercard has been announced as the headline partner of Open Banking Expo USA 2025, further solidifying its commitment to Open Banking.
It's worth noting that Virgin Money has been part of the Nationwide Building Society since October 2024. This partnership with Mastercard marks another step in Virgin Money's journey to provide innovative and user-friendly financial services to its customers.
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