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Varo Bank Expands Cloud Partnership with Temenos

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Temenos made an announcement today regarding its extended partnership with Varo Bank, N.A., the pioneering all-digital, nationally chartered consumer tech bank in the United States.

Through the utilization of Temenos Banking Cloud, Varo gains the capacity to adapt to customer demands, swiftly roll out new products, and significantly reduce operational costs. This strategic move has enabled the bank to introduce innovative products to the market more expeditiously and at scale, effectively responding to the growing trend in digital banking.

The comprehensive capabilities offered by Temenos Banking Cloud empower Varo Bank to address specific business requirements and meet regulatory standards.

Varo Bank’s commitment to revolutionizing the banking experience through modern cloud technology has garnered national recognition. The bank has earned accolades such as inclusion in the Inc. 5000 2023 list of the fastest-growing companies in the U.S., CNBC’s 2023 roster of the World’s Top Fintech Companies, recognition as one of Forbes’ World’s Best Banks, and acknowledgment by Fast Company as one of the Most Innovative Companies.

Colin Walsh, CEO and founder of Varo Bank, N.A., expressed, “Americans no longer must choose between a sophisticated digital experience and a trustworthy banking partner – Varo has made history by achieving both. Temenos’ cloud-based platform helps us meet the needs of our growing customer base and support our growth and profitability initiatives. We pass on all these benefits to our customers by delivering lower cost, tech-driven banking services that help Americans living paycheck to paycheck make progress in their financial lives.”

Philip Barnett, President of Americas at Temenos, added, “We are excited to support Varo’s vision for the future of banking – one that is built on trust and innovation. 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.

This has been key in helping Varo on its path to profitability while enabling it to offer digital banking services at a lower cost expand financial inclusion and improve financial health for millions of Americans. For Temenos, this deal is further evidence of our growing momentum in the North American market, where we’ve recently seen Canadian Tire Bank, global payments leader Convera, and a top 30 US domestic bank all select Temenos Banking Cloud for their transformation projects.

Our highly scalable, advanced cloud technology, combined with robust localization and US compliance capabilities as well as pre-configured banking capabilities, is helping US and Canadian banks of all sizes to increase efficiency and speed to value.”

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