Varo Money selects Temenos for core banking
EXCLUSIVE. US-based Varo Money, which is awaiting a bank charter (banking licence), has selected Temenos’ T24 core banking system, it is believed.
It is understood that the solution will be delivered on a cloud basis. The deal also includes the lifecycle management suite from Akcelerant Software, a US-based vendor acquired by Temenos in 2015.
FinTech Futures contacted Temenos and, while it didn’t provide a comment with specifics, it did refer to Varo Money as a “client”.
Although the upcoming bank is still small and does not represent a big deal, it does help Temenos establish its brand in the US as a core banking provider.
Back in May, the provider said it was “looking for more acquisitions to complement its existing offering to the US market”.
The project with US-based Commerce Bank is still not live, and for Ally Financial, which also signed up for Temenos, only a small part of it is operational.
Then there is a big cash management project at State Street jointly with Finastra, signed last year.
Varo Money is in our (recently published) list of US-based challenger banks. Make sure you take a look!
