EXCLUSIVE. US-based Varo Money, which is awaiting a bank charter (banking licence), has selected Temenos’ T24 core banking system, it is believed.
Image may be NSFW.
Clik here to view.
It is understood that the solution will be delivered on a cloud basis.
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!
