Mastercard partners with Nationwide to provide new banking services

Mastercard

              Mark Barnett

Mastercard has partnered with Nationwide as it prepares to launch a new business banking service targeting Britain’s 5.6 million small businesses. The partnership is founded on the mutual ambition of the two companies to serve the financial demands of the small businesses. Whilst Nationwide continues to gear up for the introduction of its business accounts, Mastercard debit cards will be made available to business customers following the launch early next year.

Mark Barnett, Divisional President of Mastercard UK, Ireland, Nordic and Baltics commented, “Nationwide is part of the fabric of the British High Street and we are thrilled to be working with them as they embark on this journey to build a new business offering. Over the past few years, we’ve become the payment partner of choice for challenger banks and fintechs looking to offer new retail or commercial banking solutions. There is a lot of innovation right now when it comes to small businesses and payments and the next 12 months will be key, both for new entrants and incumbents. It is an exciting time for the sector, and we hope to be at the centre of it.”

Earlier this year Nationwide had raised £50 million from The Board of Banking Competition Remedies (BCR) Capability and Innovation Fund, to boost competition in business lending by granting funds to challenger banks.

Nationwide is a UK based provider of mortgages in the UK alongside mortgages Nationwide also offers current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers. Nationwide has around 18,000 employees. Nationwide’s head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline.

Earlier this month IBS Intelligence had reported about Mastercard developing a partnership with software development company Zoho, the aim of this partnership was to provide small business owners around the world a comprehensive array of products and services.

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