Virgin Money today announced a seven-year agreement with Monitise PLC to help develop elements of the bank's future digital banking services and to provide its customers with mobile products, according to a press release.

Monitise's Mobile Money network connects many organizations, including those from banking, payments, mobile and other sectors, to consumers via its Bank Anywhere, Pay Anyone and Buy Anything product suite.

"We are excited to be extending our quest for smarter, brighter and better banking solutions with a partner that shares our ambition to bring unique, intuitive and valuable service features to our customers," Jayne-Anne Gadhia, CEO of Virgin Money, said in a statement. "Mobile is an important banking channel that will help us maintain our growth momentum, and our partnership with Monitise and its network of partners will support us as we grow."

Alastair Lukies, co-CEO at Monitise, added: "The Virgin brand is synonymous with success and ambition across all of the sectors it operates in, and banking is no different. There are significant opportunities ahead for Virgin Money in the digital space. We're looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money."

Monitise's partnership agreement with Virgin Money builds on a commercial relationship that was first entered into in December 2013.