Varo Money, a US-based mobile bank, has picked NICE Actimize to enhance its anti-money laundering controls.
The bank will leverage NICE’s AML Essentials SaaS offering.
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By GlobalDataThe product will enable Varo to keep a check on transactions and suspicious activity report filings as well as filter watch list.
Varo co-founder and CEO Colin Walsh said: “Varo offers mobile banking services to customers that come with the highest standards of consumer protection.
“Helping our customers improve their financial health is core to our mission, and that includes keeping all aspects of their banking safe and secure.”
Varo aims to provide fee-free banking services, eliminating the requirement for customers to pay fees for monthly maintenance, foreign transaction and ATM withdrawal.
It received preliminary nod for National Bank Charter from the Office of the Comptroller of the Currency (OCC) last year.
The bank opted for Temenos’ T24 Core Banking and Lifecycle Management Suite six months ago to power its launch.
Earlier this year, Varo said that it will increase the annual percentage yield (APY) on its Varo Savings Account to 2.80%.
The new rate is said to be over triple the 12-month average national Certificates of Deposit rate and way above the national average savings rate of 0.09%.
