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Ripple Partner Temenos Helps Varo Bank to Launch Using Its Cloud-Native Tech

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Tue, 09/01/2020 - 13:35
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Yuri Molchan
Varo fintech, which recently became a bank, has partnered with Temenos to start using its advanced cloud-native platform to expand its digital banking services
Ripple Partner Temenos Helps Varo Bank to Launch Using Its Cloud-Native Tech
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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.

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.