Virgin Money Launches Innovative Partnership With Twenty7Tec
- APIs , Lending , Payments
- 01.12.2020 09:59 am
Virgin Money has announced its API integration with technology experts Twenty7tec. The partnership will streamline the search and application process for intermediaries by removing the need to re-key data in multiple places.
The integration will be the first of its kind from a top 10 lender. Users can not only apply for a Decision in Principle from Virgin via this integration, but also submit a full mortgage application and make payments without needing to visit the Virgin Money portal.
Available across residential and Buy to Let, for both purchase and remortgage customers, this partnership revolutionises the application process.
Intermediaries will also benefit from being able to view case tracking and case notes, which will deliver clear and consistent communication for them to manage cases and support their customers. It will also reduce the propensity for human error, therefore improving packaging and turnaround times for the intermediary and customer.
Initially the service will be made available to Connells and Mortgage Advice Bureau, before being rolled out to the wider market in early 2021.
Simon Wallace, Head of Mortgage Integration and Transformation at Virgin Money, said: “At Virgin Money we have made no secret of our ambition to drive change and innovation in the mortgage market. This exciting partnership with Twenty7tec will play a key part in achieving that goal.
“The APPLY platform will make it even easier for intermediaries to submit cases to us, saving them precious time, which could be better spent on helping their next client. We’re proud to offer our intermediary partners an end to end proposition, allowing them to submit both Decisions in Principle and full applications to Virgin Money.”
James Tucker, CEO of Twenty7Tec, noted: “Virgin Money has a great track record for innovating in the mortgage market and playing a huge role in delivering better customer service, so we’re over the moon to help them with this integration. As a result of this deal, Virgin Money Customers will experience a seamless experience from beginning to end – something which the Virgin brand is so closely allied with. We’re proud to be their partner in making the mortgage experience a little better for everyone involved.”
Ben Thompson, Deputy CEO of MAB, added: “This is a really progressive step, that we thoroughly welcome. Simplification of the mortgage process is very much needed, even more so in the current environment. This integration helps MAB to further progress its own technology agenda, freeing up more time for advisers to focus on advice, and customers to have a more straightforward and less duplicated process.”
Adrian Scott, Group Mortgage Services Director of Connells, concluded: “It is great to see yet another lender go live with the excellent APPLY, and to see Virgin Money working so well with Twenty7Tec to deliver the full end to end journey for the broker, and customer. This will make writing business with Virgin Money far more efficient, which is always an attractive proposition for any broker, but particularly at this time when the market is so busy."