Temenos has announced that its cloud-native technology platform has gone live with Varo Bank.
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 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 all-digital banking services are supported by Temenos Transact core banking technology hosted in the cloud. Temenos’ cloud-native platform enables Varo to continuously deploy new features and products.
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.”
