Metro Bank, which will be the first new high street player to enter the UK market for 100 years when it opens its doors this week, has inked a five year exclusive deal with MasterCard for payment products.
The bank will open its first "store" at One Southampton Row, Holborn, London on Thursday, with a second in Earl's Court following a week later as it bids to cash in on consumer distaste for traditional banking methods in the aftermath of the credit crunch
MasterCard says it has "invested significantly" in its partnership with Metro and is supporting a range of innovations that will be available to customers, including "the ultimate in new account opening convenience". The bank is promising a 15-minute turnaround time for approved applications over-the-counter.
Customers will be able to receive personalised and 'ready to go' debit and credit cards, following the same due diligence and credit check processes that typically force customers of other banks to wait as long as two weeks, claims MasterCard.
Hany Fam, general manager, MasterCard UK & Ireland, says: "We share a common vision with Metro Bank in putting the consumer at the heart of the payment proposition. We're delighted to be working together to bring a breath of fresh air to high street banking in the UK. The partnership with Metro Bank demonstrates how our innovative approach to payments and genuine commitment to supporting our partners is attracting new entrants to the retail banking market to work with us."
Craig Donaldson, CEO, Metro Bank, adds: "We believe, and know, that UK consumers are looking for a different and better banking experience. Working with MasterCard has enabled us to offer a great range of innovative payment services that will allow us to best serve the banking needs of the consumer and business communities."