Trade Ledger, the FinTech focused on shaking up business lending through data-driven tech, has won a three year contract with Virgin Money to help transform its business lending services. At the heart of the partnership is the delivery of a digital decisioning platform that will reduce business loan application through to decision from 5 days to as little as 20 minutes, as well as freeing up a significant amount of relationship manager time to reinvest with customers.
“Virgin Money is focused on creating digital customer experiences that offer speed, simplicity and efficiency”, explained Graeme Sands, Head of Business Lending and Products at Virgin Money.
“Trade Ledger enables us to achieve that through its ability to aggregate application, accounting and business credit data, allowing us to deliver significant improvements in the speed of application processing while continuing to effectively manage risk.
“Importantly, the efficiencies the Trade Ledger platform will deliver also mean that our relationship managers will be able to focus more on supporting customers where it’s most needed, rather than being involved in time-consuming manual processes.”
Trade Ledger is a leading global technology provider for the commercial banking and financial services industry. Its lending-as-a-service (LaaS) capability helps banks unlock all types of working capital and business lending products for all types of businesses.
By using Trade Ledger’s platform, which analyses data and automates a wide range of key lending processes, Virgin Money will be able to provide a quicker, more efficient service to its business customers while managing risk effectively.
It also goes to the heart of age-old bug-bears of business borrowing. The real-time pre-screening tool, which can be completed in minutes, will provide instant eligibility on different Virgin Money Business Finance products, rather than a business having to collate information and spend time filling in forms only to discover they are not eligible. And by directly accessing accounting data from a variety of software packages and business credit insight from Experian, the typical 5 day application process will be reduced to 20 minutes.
“Our goal is to give digital-first banks like Virgin Money the ability to reimagine working capital for the digital economy”, added Roger Vincent, Global VP of Sales at Trade Ledger. “Our platform will help Virgin Money offer the right product to customers, in an efficient process that reflects the critical nature of business lending.”
Virgin Money’s partnership with Trade Ledger is part of its commitments to the £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund in 2020.
