Nationwide Building Society has partnered with Mastercard as it prepares to launch a new business banking service targeting Britain’s 5.6 million small businesses.

Whilst Nationwide continues to gear up for the introduction of its business accounts, Mastercard debit cards will be made available to business customers following the launch early next year.

Nationwide’s new business proposition has recently benefited from £50 million in the latest round of funding from the Banking Competition Remedies (BCR) Capability and Innovation Fund, designed to boost competition in business lending by granting awards to challenger banks.

Mark Barnett, divisional president of Mastercard UK, Ireland, Nordic and Baltics, commented: “There is a lot of innovation right now when it comes to small businesses and payments and the next 12 months will be key, both for new entrants and incumbents. It is an exciting time for the sector and we hope to be at the centre of it.”

Simon Hamilton, managing director of Nationwide for Business, said: “We are aiming to disrupt the business current account market and these partnerships will help us do just that.

“We will offer the ethic of care and human service that Nationwide is famous for and overlay a modern digital experience that puts everything business owners want and need directly in their pocket.”

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