Virgin Money has struck a three-year deal with lending-as-a-service platform Trade Ledger to speed up business loan applications.
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”, explains 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."
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.