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Experian and Virgin Money Expand Partnership to Improve Payment Speeds & Strengthen Fraud Protection

Consumers are constantly looking for their financial services providers to innovate to find new ways to make payments faster and safer. Virgin Money, the banking arm of the Virgin brand, is striving to achieve this for its customers as it partners with Experian, the global data and tech company, to leverage the latter’s cloud-based solutions.

This strategic partnership is an extension to a commercial agreement Experian and Virgin Money have had in place since 2015 with Virgin Money utilising services like the mortgage pre-qualification platform. The partnership’s expansion will now enable Virgin’s banking service to use the power of Experian’s data, analytics and cloud-based technology platform Ascend, to enable customers will receive the best financial products for their own unique circumstances.

It will also be able to streamline the application process and provide instant approval for suitable products. Furthermore, Virgin Money will continue to add to the comprehensive technology already in place that ensures customers and businesses can manage their finances securely and safely. As a result of the partnership, it will also gain insights that will fuel product development.

The first phase of the strategic partnership will enable Virgin Money personal loans to re-enter the open market later this year so that existing and new customers can apply, via an enhanced digital journey for a fixed rate loan. Recently these were only available to existing customers. In addition, from this Autumn (2024), Experian’s Marketplace will also offer personal loans from Virgin Money.

Jose Luiz Rossi, managing director, Experian UK&I,
Jose Luiz Rossi, managing director, Experian UK&I

Jose Luiz Rossi, managing director, Experian UK&I, said: “This new strategic partnership is an important chapter in showcasing Experian’s evolution into a data technology software company. The team at Virgin Money can see the best-in-class team, data, and software we have and how it will help them realise their long-term ambitions.

“The Virgin team is an innovative brand and one that aligns perfectly with our mission. Together, we can truly make a positive impact in a way that benefits everyone.”

Creating greater financial confidence

With an aligned purpose to help people feel happier about finances and achieve their financial goals, there will be a significant number of future projects, powered by Experian, that Virgin Money will launch over the course of the partnership. This includes improving, simplifying, and consolidating its real-time fraud and financial crime capabilities following Virgin Money’s commitment to invest £130million on a financial crime prevention programme between 2024 and 2026.

Katherine Lovell, head of unsecured lending at Virgin Money
Katherine Lovell, head of unsecured lending at Virgin Money

Katherine Lovell, head of unsecured lending at Virgin Money, said: “This is an innovative and exciting partnership with Experian that will help us drive improvements across the digital customer experience and support peace of mind for customers.

“From more personalised products to faster, secure, streamlined applications, customers will benefit from Experian’s state-of-the-art cloud-based technology during the digital journey. We’re delighted that we are already harnessing the partnership to expand our personal loans products, available later this year.”

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