{"id":503673,"date":"2021-07-30T06:21:42","date_gmt":"2021-07-30T05:21:42","guid":{"rendered":"https:\/\/ibsintelligence.com\/?p=503673"},"modified":"2021-09-21T12:12:23","modified_gmt":"2021-09-21T12:12:23","slug":"wolters-kluwer-frr-announces-varo-bank-as-its-new-customer","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/wolters-kluwer-frr-announces-varo-bank-as-its-new-customer\/","title":{"rendered":"Wolters Kluwer FRR announces Varo Bank as its new customer"},"content":{"rendered":"

\"Wolters<\/a>Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR)<\/span><\/a>, has announced\u00a0<\/span>Varo Bank<\/span><\/a>, the first consumer FinTech in U.S. history to be granted a national bank charter, as its new customer.<\/span><\/p>\n

The bank filed regulatory reports using Wolters Kluwer\u2019s OneSumX for Regulatory Reporting software. OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure ease of reconciliation, consistency, and accuracy. It includes access to Wolters Kluwer\u2019s unique Regulatory Update Service (RUS), maintained by Wolters Kluwer experts who are actively monitoring regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients\u2019 ongoing compliance.\u00a0<\/span><\/p>\n

\u201cWe are incredibly excited to be working with Varo Bank to provide a full-service regulatory reporting solution that seamlessly integrates with the Temenos core banking system. Varo is the first fintech to have received its national bank charter and, as such, has an exciting future ahead. Wolters Kluwer is honored to have been chosen for this strategically important project and looks forward to working with Varo to ensure regulatory compliance is at the center of its endeavors,\u201d said Todd Lawrence, General Manager of Wolters Kluwer<\/a> FRR for the Americas.\u00a0<\/span><\/p>\n

OneSumX for Regulatory Reporting integrates with the Temenos T24 Transact core banking system used by Varo Bank, providing lower total cost of ownership when compared to other Extract, Load and Transform (ELT) processes. By utilizing Wolters Kluwer\u2019s RUS, the bank expects to be well placed to meet the ongoing regulatory reporting demands of various regulatory bodies. These include The U.S. Treasury, Department of Commerce, Federal Financial Institutions Examination Council (FFIEC) and the Federal Reserve.<\/span><\/p>\n

\u201cThe impressive range of features available in OneSumX for Regulatory Reporting will provide us with the necessary functional coverage and adaptability that we were searching for. We were also attracted by the proven integration with the Temenos T24 Transact platform, not to mention the leading position Wolters Kluwer\u2019s experts have within the regulatory reporting space,\u201d said Thibault Fulconis, CFO for Varo Bank.<\/span><\/p>\n

Wolters Kluwer FRR, part of the company\u2019s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated FIs in meeting their obligations to external regulators and their own board of directors.<\/span><\/p>\n","protected":false},"author":14,"featured_media":154931,"parent":0,"template":"","categories":[11378,11373,11372],"tags":[11868,13829],"class_list":["post-503673","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-open-banking","category-regtech","category-risktech","tag-america","tag-wolters"],"acf":[],"yoast_head":"\nWolters Kluwer FRR announces Varo Bank as its new customer<\/title>\n<meta name=\"description\" content=\"Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR), has announced Varo Banka national bank charter, as its new customer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/wolters-kluwer-frr-announces-varo-bank-as-its-new-customer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wolters Kluwer FRR announces Varo Bank as its new customer\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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