Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR), today announces Varo® Bank, N.A. as a new customer. Varo, the first consumer fintech in US history to be granted a national bank charter, has successfully filed regulatory reports using Wolters Kluwer’s OneSumX for Regulatory Reporting software.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to Wolters Kluwer’s unique Regulatory Update Service (RUS) which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients’ ongoing compliance.
“We 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,” commented Todd Lawrence, General Manager of Wolters Kluwer FRR for the Americas. “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.”
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. As a result, and through utilizing Wolters Kluwer’s RUS, the bank says it will 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.
“The 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,” commented Thibault Fulconis, CFO for Varo Bank. “We were also attracted by the proven integration with the Temenos T24 Transact platform, not to mention the leading position Wolters Kluwer’s experts have within the regulatory reporting space.”