Varo Money Teams Up With Temenos to Launch Banking Service in the U.S.

Just days after Varo Money received preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national banking charter, the digital-only challenger bank announced it has teamed up with Temenos to help launch banking services in the U.S. According to Temenos, Varo Money has signed for T24 Core Banking as well as the Lifecycle Management Suite, which will be implemented on the Temenos Cloud.

Temenos reported that the project with Varo will include implementing T24 Core Banking, as well as the Lifecycle Management Suite to support account holder relationships from origination through servicing. The combination will also streamline Varo’s operations, support its strategy to expand its product and services, and provide a seamless, real-time customer experience across product lines and delivery channels.

“Empowered by a platform that provides rapid speed-to-market for new products and services, Varo will roll out an expanded line of retail banking products over time. Varo currently offers demand deposit accounts, high-interest savings accounts, and personal loans. In the future, Varo may offer a full range of banking products including certificates of deposit, credit cards, and home loans.”

Speaking about the partnership, Emily Steele, President – North America, Temenos, shared:

“We are seeing exciting developments in the United States as the banking industry explores what it means to bank in a digital world. Incumbent banks are setting up digital banks alongside their own operations, and now we are starting to see fintechs moving to become banks themselves. We are delighted to partner with Varo on this ground-breaking venture, and leverage our company’s 25 years of expertise and industry-leading technology to fulfill Varo’s vision of creating the bank of the future.”

Colin Walsh, CEO & Co-Founder, Varo Money, added:

“The next generation of consumers are looking for more affordable solutions that are technology driven. Solutions that let them solve everyday banking problems with a few taps of the phone. The ability to deliver on those expectations and empower the everyday consumer to take control of their finances is what sets Varo apart from the incumbent banks in the industry. When looking for a core banking platform, we weren’t just looking for a vendor and a system, we wanted a provider that would truly partner with us in order to achieve our vision.”

Sponsored Links by DQ Promote

Send this to a friend