Flexys, who completed a Knowledge Transfer Partnership (KTP) and is a member of Future Space, has signed a six-year contract extension with Virgin Money.
Following a project to provide an easy-to-use digital solution to manage Bounce Back Loan Scheme (BBLS) repayments and Pay As You Grow (PAYG) options, Flexys will continue working with Virgin Money to deliver an ongoing modern money experience for business customers to help them navigate the challenges of the current economic environment.
Figures show that BBLS made £47bn of loans available to 1.67m SMEs across the UK, with Virgin Money lending £1bn to over 34,000 business customers.
The digital self-service solution developed with Flexys was the first of its kind deployed by Virgin Money and, to date, c.14,000 BBLS loan restructures have been completed via PAYG. The solution enables Virgin Money customers to manage their loan over the full term, helping them make an informed decision about what the best option is for them.
Flexys CEO, James Hill, said, “Working with Virgin Money has been a pleasure for the whole Flexys team, and their continuing confidence in Flexys is gratifying. This six-year partnership will build on the results already delivered and cement a productive collaboration to deliver the best possible service and outcomes for Virgin Money’s customers.”
Flexys provides the market-leading digital-first debt management, collection and recovery solution powered by cloud-native technology. Trusted by major household names in the banking, financial services and utility sectors, it delivers smart solutions that radically improve the speed, ease and efficiency of the debt collection process for creditors and their customers.
KTPs consist of a unique three-way collaboration between a business, a university and a graduate (known as the associate). The KTP scheme is a UK-wide programme helping businesses to improve competitiveness and productivity. The KTP with Flexys Our KTP with Flexys aims to integrate Artificial Intelligence and Machine Learning technology within debt resolution software, to enable more effective management of debt resolution and improvement of customer relationships and retention.
Future Space is part of our University Enterprise Zone. Future Space connects entrepreneurs and tech innovators with scientists, researchers and graduate talent – to spark collaboration, innovation and growth.