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Varo Money selects Nice Actimize for AML

Source: Nice Actimize

Leading the industry with solutions protecting mobile financial services offerings, NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous Financial Crime Management, was chosen by Varo Money, Inc. a leading all-mobile banking company to implement its financial crime strategy for anti-money laundering protections including AML/KYC requirements, sanctions screening and transaction monitoring capabilities.

Varo will integrate NICE Actimize's AML Essentials, a software-as-a-service (SaaS) solution created to meet end-to-end anti-money laundering detection requirements, and which provides multiple best-of-breed modules that detect and score a range of banking activities, including customer due diligence, transaction monitoring, watch list filtering, and Suspicious Activity Report (or SAR) filings.

According to Varo, its mission is to help its customers improve their financial health and save more money. The company is working to become the first mobile-centric national bank in U.S. history and in August 2018, Varo was granted preliminary approval for a national bank charter by the Office of the Comptroller of the Currency (OCC).

"Varo Money is clearly innovating in the mobile banking space, and we are proud to have been selected by the Varo team to lead its anti-money laundering initiatives with our Essentials anti-money laundering solutions," said Craig Costigan, CEO, NICE Actimize. "As we address the mobile financial services industry, NICE Actimize will continue to offer advances targeting the newest financial product categories. We are particularly excited to apply these resources to one of the industry's clear innovators in the mobile banking domain."

"Varo offers mobile banking services to customers that come with the highest standards of consumer protection," said Colin Walsh, Co-founder and CEO, Varo Money. "Helping our customers improve their financial health is core to our mission, and that includes keeping all aspects of their banking safe and secure."

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