Varo Bank, the first all-digital, nationally chartered consumer techbank in the US, has extended its relationship with Temenos.
According to Temenos, its Banking Cloud offering enables Varo to scale based on customer demands, deploy new products quickly and drive down operational costs. This has helped the bank to bring products to market faster and at scale to meet the surge in digital banking. The broad functionality of Temenos Banking Cloud allows Varo Bank to meet specific business needs and support its regulatory requirements.
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Colin Walsh, CEO and founder of Varo Bank, said: “Temenos’ cloud-based platform helps us meet the needs of our growing customer base and support our growth and profitability initiatives.”
Philip Barnett, president of Americas at Temenos, added: “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.”
