Shake up business lending through digital customer experiences that offer speed, simplicity and efficiency by offering multiple types of working capital and business loan products for all types of businesses - regardless of size.
Harness next-generation technology to aggregate data from many sources, e.g. accounting, credit agencies and other third-party market data to improve the customer and staff journey, delivering a better experience, loan quality and suitability.
By using Trade Ledger’s business lending 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.
All data and documents flow through the Trade Ledger platform. This allows for the automation of manual time-consuming tasks, processes, and governance with an augmented, BDM-led credit risk assessment.
The VirginMoney solution makes use of the following three platform modules:
These modules are further enhanced with a seamless integration into Virgin Money's core CRM platform, Microsoft Dynamics365, their primary credit bureau (Experian) and customer viability platform (Experian PowerCurve)to support a deeper customer level of understanding and engagement, and drive process and administrative efficiency.
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"
Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with Virgin Money and transforms how business finance can be accessed:
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.
In addition to this, access to 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.
Trade Ledger is dedicated to giving digital-first banks like Virgin Money the ability to reimagine working capital for the digital economy.”