Temenos, a company that produces software for banks and is also a partner of the Ripple decacorn, has inked a partnership deal with Varo fintech, Finextra reports.
The fintech company will utilize the tech platform Temenos Transact to innovate its banking products.
Varo Bank kicks off using Temenos product
Varo is a fintech that, earlier this year, managed to receive a charter that allowed it to change into a bank. Prior to that, what Varo offered its clients was setting up checking and savings accounts.
Now, it has forged a partnership with Temenos and will use its cloud-based Temenos Transact solution to bring innovation into its portfolio of banking products, such as loans, savings accounts and deposits, etc.
Varo Bank has launched with the help of Temenos, allowing the fintech Varo to finally start using the banking charter it received. Temenos is expected to enable the banking fintech to greatly reduce expenses and automate its back office.
Varo's services to benefit from using Temenos
Presently, Varo is using a Temenos-based solution called Temenos Infinity Origination. It was created for supporting loan and account origination in the U.S.
Thanks to Temenos, Varo expects to bring in the next generation of banking services with higher speeds and lower prices to U.S. consumers.
Temenos CEO Max Chuard reckons that Varo's receiving the banking charter signifies a new era of digital banking in the U.S. He added that his company is proud to be supporting this crucial process.
He believes that Temenos cloud technology will be of great help to Varo here and will enable it to keep expanding and bringing more innovation to society.