Virgin Money looking to modernise its tech

Virgin Money looking to modernise its tech

Virgin Money UK, a financial services brainchild of Richard Branson, is understood to be looking for new core and digital channels banking software.

Virgin Money’s underlying technology in the UK stems from a number of acquisitions, including a small outsource firm, Intelligent Managed Services (IMS), in 2010, and a larger, well-established bank, Northern Rock, in 2012 (the bank fell victim to the financial crisis).

IMS was a Fiserv-centric outsource entity and became the basis for Virgin’s move to offer full service banking in the UK.

IMS was short-lived, having been formed from the remnants of unsuccessful start-up Ivobank.

Ivobank had selected and implemented Fiserv’s retail banking product, Signature, as its core system and a number of other applications, including Fiserv’s Aperio channel solution, Aqua Global for messaging and Smartstream for reconciliations.

Banking Technology understands that Virgin Money is now looking to modernise its tech set-up in the back office space as well as the digital channels.

Among suppliers and systems considered are the incumbent Fiserv and its Signature platform, plus Temenos with T24 and FIS with Profile.

Virgin Money tells Banking Technology that it “continuously evaluates its IT systems to ensure that they support the business and provide an excellent service to customers”.

The company’s spokesperson adds: “However, we prefer not to comment on specific systems or providers that we may be evaluating.”

Virgin Money UK offers lending and savings products and has four million customers on its books.