Varo Bank has chosen Wolters Kluwer’s OneSumX and regulatory update service (RUS) to file its regulatory reports.
OneSumX works by integrating with the Temenos T24 Transact core banking system, combining bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy.
Wolters Kluwer’s RUS factors in the potential impact of future changes into the OneSumX portfolio and ensures clients’ ongoing regulatory compliance.
Through utilising Wolters Kluwer’s RUS, Varo Bank says it will be well placed to meet the ongoing regulatory reporting demands of various regulatory bodies, including the US Treasury, Department of Commerce, Federal Financial Institutions Examination Council and the US Federal Reserve.
Thibault Fulconis, CFO for Varo Bank said: “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.”
He added: “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.”
