British challenger bank Virgin Money has selected fintech startup World First to power its new International Money Transfer (IMT) service.
Under the agreement, World First will provide a white label version of its money exchange service to Virgin, including a fully responsive microsite and branded online trading platform.
World First chief commercial officer Alex Sullivan said: "This partnership epitomises the power of the FinTech sector and is a clear demonstration of the ability of businesses, like World First, to positively disrupt traditional markets for the benefit of consumers.
"We’re delighted that Virgin Money recognised our simple, safe and secure proposition as the best match for their customers and we look forward to helping even more people make smarter, cheaper and faster international currency transfers."
The new cross-border payments service will allow customers make international transfers with no transfer fees.