Varo, First Consumer Fintech Granted National Bank Charter in the US, goes live with Temenos Cloud Technology
Temenos (SIX: TEMN), the banking software company, today announced that its cloud-native technology platform has gone live with Varo Bank, N.A. (“Varo”). Varo, the first consumer fintech granted a national bank charter in the US, is using Temenos Transact as its core banking technology. Temenos Transact makes it possible to rapidly innovate and offer a full range of digital banking products, from deposit and saving accounts to credit and loans, at a lower cost - supporting Varo’s mission to advance the financial wellbeing of millions of Americans underserved by traditional banks.
Colin Walsh, Founder and CEO of Varo Bank, commented: “Varo was founded with a clear vision to deploy a more efficient business model and cutting-edge technology in order to create a new kind of bank - one that is wholly designed around the financial health and wellbeing of the everyday American consumer. From the start, we knew this vision needed to be supported by having a national bank charter and an innovative technology partner like Temenos. After a three and a half year journey, I’m thrilled that Varo has made history as the first US consumer fintech to receive a national bank charter. Varo Bank is now live using our new industry-leading technology stack, developed in partnership with Temenos. Varo now has a historic opportunity to deliver the tech-driven banking products and services that will help millions of Americans make progress in their financial lives.
Varo’s trailblazing, all-digital banking services are supported by Temenos Transact core banking technology hosted in the cloud. Temenos’ advanced cloud-native platform enables Varo to continuously deploy new features and products and rapidly innovate. Temenos’ platform also allows the bank to automate its back office, reduce costs and benefit from lower cost/income ratio. This supports Varo’s ability to rapidly scale based on customer demand and offer an expanded portfolio of services at a lower cost such as checking and saving accounts with no monthly fees. Temenos US model bank approach also helped Varo meet the specific business and regulatory needs of the market in an efficient and cost-effective way. Varo is currently implementing Temenos Infinity Origination, a solution tailored to support loan and account origination in North America for banks and credit unions.
The national bank charter allows Varo to expand its offering of comprehensive, FDIC-insured banking services and accelerate the pace of product innovation, supported by Temenos’ APIs Temenos technology will help Varo to bring its next generation of new banking products and features to market faster and at a lower cost.
Max Chuard, Chief Executive Officer, Temenos, said: “Congratulations to Varo for achieving this unprecedented banking charter milestone. This marks a new beginning for digital banking in the US and Temenos is proud to have supported Varo on this exciting journey. Temenos cloud technology will help Varo accelerate its impressive track record of growth, innovation and social impact. We are pleased to see strong traction in the US market across all our products as we continue to support banks to deliver value to their customers. We’re delighted to have accomplished this revolutionary milestone with Varo and look forward to supporting their continued growth in this next exciting phase.”
Join Temenos’ leading digital event – Synergy Online on 23 September to listen to Colin Walsh’s keynote “The Future of Digital Banking” on how Varo, became the first consumer fintech, to receive a national bank charter in US history and is able to launch new products at an unprecedented pace through the speed of the cloud.
– Ends –
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com .
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CA-C3.AI-DTI4.3.2021 20:02:12 CET | Press release
C3.ai Digital Transformation Institute Announces Shell as New Industry Partner
NC-DOLE-FOOD-COMPANY4.3.2021 19:24:10 CET | Press release
Dole Launches “The Dole Way” Sustainability Campaign
SC-MILLIKEN-&-COMPANY4.3.2021 18:02:06 CET | Press release
Milliken & Company Appoints Cindy Boiter as Executive Vice President, Chemical Division President
CA-VERIMATRIX4.3.2021 17:47:15 CET | Press release
Verimatrix Takes Home Two 2021 Gold Cybersecurity Excellence Awards
MEDICORTEX4.3.2021 15:10:11 CET | Press release
Business Finland Awarded Funding for Medicortex
NV-RIMINI-STREET,-INC.4.3.2021 15:07:10 CET | Press release
Kent County Council Switches to Rimini Street Support for its Oracle Applications and Database Software
TX-SCHLUMBERGER/CHEVRON4.3.2021 15:02:10 CET | Press release
Schlumberger New Energy, Chevron, and Microsoft Collaborate on Carbon Negative Bioenergy
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom