Varo Money has selected Temenos’ T24 Core Banking and Lifecycle Management Suite to launch its mobile-only bank in the US.
The proposed bank is awaiting regulatory approval. Once operational, the all-mobile Varo national bank will provide low-cost retail banking products across the US including savings, personal loans and credit card services.
Earlier this month, Varo Money secured preliminary approval for National Bank Charter from the Office of the Comptroller of the Currency (OCC).
Varo Money will deploy T24 Core Banking and the Lifecycle Management Suite to support account holder relationships.
The implementation will also help the bank to fulfil various business and regulatory requirements in the US.
Additionally, it will support Varo to roll out retail banking products and services and reach out to its potential customer base swiftly.
Commenting on the selection of Temenos platform, Varo Money CEO & Co-Founder Colin Walsh said: “Temenos was able to demonstrate that they had the commitment and world-class technology to support a strategy that was customer-centric instead of product-centric, and deliver on the real-time, omni-channel experience we are crafting for our customers.”
Both the entities also agreed to work together to create a new open banking environment with Temenos’ open and flexible technology to enable swift integration to third-party partners.
Temenos North America president Emily Steele said: “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.
“By building its new bank on a modern, open, digital banking platform that provides 24/7, real-time, straight through processing, Varo is positioning itself to provide the personalized, seamless experience consumers are looking for today.”