In partnership with fintech company Strands, Virgin Money will be the first UK bank and Mastercard issuer to offer Money Management, aimed at empowering small business owners with under £1 million annual turnover to take control of their finances in the most efficient way possible.

Powered by Artificial Intelligence, the new digital platform, Money Management provides an innovative and personalised banking experience allowing Virgin Money’s Business Current Account customers to make more informed financial decisions through clearer insights and analysis of their financial position via a range of features including:

• Forecasting through Financial Calendar - Provides a snapshot overview of cash in and out each day to allow customers to plan ahead and for the long-term.
• Invoice creation & management - Creates sales invoices and tracks to see whether they are unpaid, paid, or overdue to help customers manage payments more effectively. 
• Budgeting - Creates visual budgeting graphs which automatically update with each transaction made to help customers stay on track with their business plan at a glance. 
• Transaction Categorisation - Understands and tracks business spending by filtering transactions by time period, client provider or category. The data can then be automatically presented in graph form enabling easier analysis and reporting.
• Cashflow Projection - Automatically generated cashflow forecasts so customers can stay on top of cash coming in and out of the business. 

The free tool is accessed through the Bank’s online desktop business platform and is underpinned by 24-hour chat support with a dedicated web team, to help customers manage their accounts.

Sue Douthwaite, small and medium business director at Virgin Money, said: “As a nation packed with almost six million SMEs, representing 99% of all businesses, it is so important that they have all the tools to help them succeed, particularly in today’s climate where pressure is coming from all sides.  The easier it is for SME owners to juggle day-to-day operations and cashflow, the more time they have to plan their future growth.

“The Money Management package is a ‘one-stop shop’ service that gives busy business owners a holistic view and a better understanding of their finances, while providing them with a simple, user-friendly experience, all in one place to help them make smarter business decisions aided by the confidence that comes from foresight and planning.

“We are committed to working with our customers to support their long-term development and growth, and Money Management is an excellent addition to the features and capabilities our customers have access to, completely free of charge.”

She added: “These last few months has been extremely difficult and many of our smaller customers have taken on lending for the first time to ensure their business survives the pandemic. This tool will give them an instant overview of their finances to allow them to manage and plan accordingly, which will allow them to operate more efficiently.”

Erik Brieva, CEO at Strands, commented: “We’re delighted to partner with Virgin Money, one of the most innovative and customer-centric banks in the UK, with a strong emphasis on digital excellence. By leveraging the power of AI, Virgin Money is equipping SME owners with a truly comprehensive and personalised banking solution, as well as positioning itself as a trusted financial advisor to its customers.”

Money Management will complement the Group’s innovative proposition designed for SMEs and also for larger corporates. It will include the ‘Working Capital Health’ to track financial wellness, combining dynamic views across the company’s working capital cycle, with a set of solutions to manage liquidity, all backed up by proactive relationship management and a unique ecosystem of capability partners.