Temenos, has announced that Varo Bank, N.A., an all-digital, nationally chartered consumer techbank in the US, has extended its relationship with Temenos.
Temenos Banking Cloud enables Varo to scale based on customer demands, deploy new products quickly, and drive down operational costs substantially. This has helped the bank to bring innovative products to market faster and at scale to meet the surge in digital banking.
Colin Walsh, CEO and founder of Varo Bank, N.A. said, “Americans no longer must choose between a sophisticated digital experience and a trustworthy banking partner – Varo has made history by achieving both. Temenos’ cloud-based platform helps us meet the needs of our growing customer base and support our growth and profitability initiatives. We pass on all these benefits to our customers by delivering lower cost, tech-driven banking services that help Americans living paycheck to paycheck make progress in their financial lives.”
The broad functionality of Temenos Banking Cloud allows Varo Bank to meet specific business needs and support its regulatory requirements. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks.
Philip Barnett, President Americas Temenos, said, “We are excited to support Varo’s vision for the future of banking – one that is built on trust and innovation. With Temenos Banking Cloud, Varo has a lower cost/income ratio compared to traditional banks and can take advantage of economies of scale as the business grows. This has been key in helping Varo on its path to profitability while enabling it to offer digital banking services at a lower cost and expand financial inclusion and improve financial health for millions of Americans.”