The existing collaboration between Visa and Nationwide Building Society approaches its 35th anniversary while both organizations continue their work to improve digital payment features that place emphasis on cyber security advancements and payment system adaptability. The updated partnership between Visa and Nationwide Building Society targets current market demands and financial technology trends in dynamic customer expectations.

Nationwide has selected Visa to provide its debit and credit card services and the company will now add account-to-account (A2A) payment features for the first time. The company adopted a strategic move that builds a multi-rail payment system which connects traditional card payments with contemporary real-time banking systems. The solution focuses on enhancing flexibility alongside security improvements for better digital payment services to customers.

Mandy Lamb, Visa’s Managing Director for UK & Ireland, stated: “We’re proud to build on our long-standing relationship with Nationwide to deliver debit and credit solutions that its members will love. Our ambition is to ensure Nationwide members can pay and be paid with ease, while offering the security needed to pay with peace of mind. At Visa we have invested £8 billion in technology over the past five years, including reducing fraud, and we look forward to continuing to expand our capabilities to keep customers safe.”

Cyber security plays a key role as the partnership re-establishes itself. Visa dedicated £8 billion to technology development for the past five years to develop security measures that use machine learning systems for instant fraud prevention and scalable worldwide payment platforms. Nationwide will use these capabilities to fight against both card-not-present fraud and account takeovers that have increased with the growth of digital payments.

Tom Riley, Director of Retail Products at Nationwide, emphasized the strategic value of the collaboration “Expanding our partnership with Visa is an important move, as it means we can continue to provide new innovative products and services to our current and future members.”

Visa’s infrastructure enables Nationwide to complete transactions with less resistance along with fast customer enrollment and supports secure handling of expanded transaction volumes. The collaboration between the companies will enable new developments such as tokenized payments as well as virtual cards and advanced AI tools which will strengthen security and user convenience.

The partnership supports digital payment enhancements at the same time it supports the development of an inclusive digital economy and small business development alongside innovation within the UK financial sector.