Nationwide Building Society has collaborated with Mastercard and ClearBank to launch a new business banking proposition in the UK.
The partnerships will allow Nationwide to provide business current account proposition for around 5.6 million small businesses in the country.
Nationwide business managing director Simon Hamilton said: “We are aiming to disrupt the business banking market and these partnerships will help us do just that.
“The combination of our mutual ethos, national branch network, UK based call centres and these partnerships, will ensure we are truly able to meet the needs of small businesses across the country and set new standards in business banking.”
Nationwide secured a £50m grant to deliver the business banking proposition
Earlier this year, Nationwide secured a £50m grant from the Capability and Innovation Fund, administered by Banking Competition Remedies (BCR).
Nationwide will use the funding to implement its plans to deliver a fully-fledged business banking proposition, including unsecured loans, credit cards and savings, offering advanced branch and digital service and access to UK-only call centres.
The Society will also use the funding for the development of a suite of associated products and services to help business owners deal with accounting, cashflow and foreign payments.
Nationwide has already invested £15m in 10x Future Technologies to design and build an advanced digital platform for the new current account.
The investment allowed to purchase a minority stake in 10x, which is currently working with the Society to deliver the digital platform.
Nationwide has selected Mastercard due to its strong background in business banking and experience of navigating the fintech ecosystem.
The new business banking customers of Nationwide will secure Mastercard debit cards following the launch of the new proposition early next year.
Nationwide has also collaborated with ClearBank for an advanced payments platform to meet increasing demand from the customers for electronic payments.
Mastercard UK, Ireland, Nordic and Baltics divisional president Mark Barnett said: “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 most challenger banks and fintechs looking to offer new retail or commercial banking solutions.”
