Virgin Money has revealed a seven-year deal with mobile banking technology specialists Monitise, to develop their own digital offering.
The deal will see Virgin use Monitise’s Mobile Money network to provide a suite of mobile banking products such as Bank Anywhere, Pay Anyone and Buy Anything.
London-based Monitise, which operates offices globally, is a leader in digital banking and began life as a subsidiary of technology services firm Morse.
Jayne-Anne Gadhia, chief executive officer of Virgin Money, said: “We are excited to be extending our quest for smarter, brighter and better banking solutions with a partner that shares our ambition to bring unique, intuitive and valuable service features to our customers.
“Mobile is an important banking channel that will help us maintain our growth momentum, and our partnership with Monitise and its network of partners will support us as we grow.”
Alastair Lukies, co-chief executive officer at Monitise, added: “The Virgin brand is synonymous with success and ambition across all of the sectors it operates in, and banking is no different.
“There are significant opportunities ahead for Virgin Money in the digital space. We’re looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money.”