Virgin Money introduces Paylink Solutions’ affordability platform across its lending products

Virgin Money has enhanced the way customers who have fallen into arrears provide their income and expenditure (I&E) information as part of a new digital affordability platform, delivered by Paylink Solutions.

The customised software brings Virgin Money’s operations together as part of a consistent affordability system for agents and customers to self-serve.

Andrew Alder, Director of Partnerships and Development at Paylink Solutions, said: “As people struggle with the increased cost of living, Virgin Money has taken its next step towards digital transformation by using Paylink Solutions’ Embark platform to align its affordability systems and provide new ways for customers to engage.”

Virgin Money staff will benefit from using Embark’s self-assist I&E configuration when in dialogue with customers, with prompts that highlight any customer over and under spending.

Embark allows agents to seamlessly refer customers to PayPlan for free debt advice, with details of their I&E and financial circumstances being presented to PayPlan’s debt advisors in real time.

The platform also has Credit Referencing Agency (CRA) integration, which provides optional access to import other credit commitments to give a holistic view of their financial situation.

Nick Watson, Head of Collections at Virgin Money, said: “We’re really excited to be using Paylink Solutions’ Embark solution, which will allow us to streamline our affordability processes, align our teams and provide new ways for our customers to engage.

“We want to make our processes as straightforward as possible for agents and customers, and the new software is something both will benefit from.”

Alder continued: “We’re delighted Virgin Money has chosen our software, which reflects the bank’s significant investment in supporting its staff and customers. As the cost of living and number of customers struggling financially increases, this couldn’t have been done at a better time.”

ENDS

Notes to Editors

Notes to editors

Paylink Solutions is a multi-award-winning fintech provider that delivers digital affordability solutions across the financial services sector.

Paylink’s software has been adopted by more than 20 lenders, including high street banks, challenger banks, building societies and third-party servicers to assist credit card, overdraft, loan and mortgage customers who’ve fallen into financial difficulty.
Originally developed for sister company - and one of the UK’s largest free debt advice providers, PayPlan - Paylink’s software now includes features, such as Open Banking, digital triage, arrangement proposals and auto requests for future affordability assessments.

www.paylinksolutions.co.uk

Contact
For further information please contact Chloe Butterick by either emailing chloe.butterick@paylinksolutions.co.uk or calling 01476 518653.


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About Paylink Solutions

Paylink Solutions is a multi-award-winning fintech provider that delivers digital affordability solutions across the financial services sector. Paylink’s software has been adopted by more than 20 lenders, including high street banks, challenger banks, building societies and third-party servicers to assist credit card, overdraft, loan and mortgage customers who’ve fallen into financial difficulty. Originally developed for sister company - and one of the UK’s largest free debt advice providers, PayPlan - Paylink’s software now includes features, such as Open Banking, digital triage, arrangement proposals and auto requests for future affordability assessments.


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