New payments ecosystem to extend connected commerce and provide an integrated suite of digital capabilities
Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, and Virgin Money, one of the leading financial services groups in the UK, today announce an agreement to leverage Global Payments’ unique two-sided network to empower Virgin Money customers with market leading digital payments experiences globally.
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The companies announce they are working to launch a new connected payment offering that creates frictionless experiences for Virgin Money’s consumers and merchants. This new pay proposition would extend commerce and provide an integrated suite of digital capabilities.
“We have an unmatched worldwide position connecting both sides of the payments ecosystem, enabling us to completely change the digital commerce landscape,” said Jeff Sloan, Chief Executive Officer, Global Payments. “This new payment solution will reimagine the entire interaction between merchants and their customers virtually and physically to reduce friction, create value and drive exceptional experiences on an omnichannel basis.”
“Expanding our partnership with Global Payments enables us to bring together all of our credit and debit cards onto a single platform. Working together to leverage their expertise across the payments ecosystem, combined with our focus on customer experience and one of the world’s most recognised brands, gives us the opportunity to build new digital payments propositions to enhance the experience for our millions of personal and business customers, as we continue to disrupt the status quo of UK banking,” said David Duffy, Chief Executive Officer, Virgin Money UK.
Virgin Money will be able to access end-to-end lifecycle data across its businesses through the new payment offering, gleaning better insights about buying patterns and trends in order to launch new products and services that directly solve customer needs and enhance the customer experience journey.
As part of this partnership Global Payments will serve as the exclusive provider of merchant services to Virgin Money, offering cutting edge acquiring technologies to its sizable customer base. Additionally, Global Payments will expand its long-standing relationship with Virgin Money through its TSYS Issuer Solutions segment. This will create a single unified platform, adding all of Virgin Money’s debit business to its current credit solutions under a new agreement, extending into the next decade, subject to regulatory consent.
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.
Headquartered in Georgia with nearly 24,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning over 100 countries throughout North America, Europe, Asia Pacific and Latin America. For more information, visit www.globalpayments.com and follow Global Payments on Twitter (@globalpayinc), LinkedIn and Facebook.
About Virgin Money UK
Virgin Money UK is a full-service digital bank, serving 6.5m customers across the UK. It offers market-leading products and services to meet the full range of customers’ retail and business banking needs. Virgin Money aims to provide a consistently world-class experience for customers through its leading technology platform, telephone banking and a national network of innovative stores and business banking centres. By making banking better, Virgin Money seeks to deliver on its purpose of ‘Making you happier about money’.
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