Varo Bank Extends Partnership with Temenos in the Cloud

“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.”

“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 and 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.”