US-based Varo Bank has leveraged Wolters Kluwer Finance, Risk and Regulatory Reporting’s (FRR) OneSumX for Regulatory Reporting software to file regulatory reports.

Wolters Kluwer FRR’s offering combines bank data into a single source of data to ensure ‘consistency, ease of reconciliation and accuracy’.

It also has access to Wolters Kluwer’s Regulatory Update Service (RUS), which is maintained by experts who monitor regulation in 30 countries.

OneSumX for Regulatory Reporting integrates with the Varo Bank’s core banking system Temenos T24 Transact.

The bank will leverage the RUS to meet the ongoing regulatory reporting demands of various regulatory authorities such as The US Treasury, Department of Commerce, Federal Financial Institutions Examination Council (FFIEC) and the Federal Reserve.

Wolters Kluwer FRR for the Americas general manager Todd Lawrence said: “We are incredibly excited to be working with Varo Bank to provide a full-service regulatory reporting solution that seamlessly integrates with the Temenos core banking system.

“Wolters Kluwer is honoured to have been chosen for this strategically important project and looks forward to working with Varo to ensure regulatory compliance is at the center of its endeavours.”

Varo Bank CFO Thibault Fulconis said: “The impressive range of features available in OneSumX for Regulatory Reporting will provide us with the necessary functional coverage and adaptability that we were searching for.

“We were also attracted by the proven integration with the Temenos T24 Transact platform, not to mention the leading position Wolters Kluwer’s experts have within the regulatory reporting space.”