British lender Virgin Money has selected fintech firm Codat as its technology partner to bolster its digital business banking credentials.

The technology offered by Codat will allow secure exchange of data between Virgin Money and its business bank customers.

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Codat’s remit will enable Virgin Money to provide customers with access to its SME Wellness Tracker, launching later this year.

Codat connects SMEs internal systems to banks, fintechs and other financial institutions, enabling real-time business data transfers.

Codat CEO Pete Lord said: “We are thrilled to be working with the team at Virgin Money because they recognise the importance of building a bank with the best data infrastructure from the outset. Our API offers many powerful use cases that strengthen the relationship between bank and customer.”

Virgin Money said that it intends to “transform the existing business current account” by “developing its working capital health proposition”.

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This proposition is a part of its commitment to the “recent £35m award from the Banking Competition Remedies (BCR) Capability and Innovation Fund”, the bank added.

Virgin Money will explore the Codat’s technology further to boost its strategy to improve working capital for SMEs and drive insights for relationship managers.

Virgin Money group business director Gavin Opperman said: “Our Working Capital Health proposition will be unique to the business banking market and Codat is an important ingredient which will help us realise our ambitions in this area.

“By introducing clever, intuitive software, customers will have a new level of insight to help them understand their own business, allowing them to manage efficiently and grow their operations.”

Earlier this month, Virgin Money notified its credit card customers that it will turn off its online service from 31 January 2021.