Challenger Banking Company Varo Chooses Feedzai for Enterprise Fraud Prevention, Preparing for Continued Rapid Scale – Business Wire

SAN FRANCISCO–()–Varo Money LLC (Varo), a leading challenger banking company, and
Feedzai, the leader in fighting financial crime with artificial
intelligence, today announced a new partnership. Varo’s continued growth
will be bolstered by Feedzai’s fraud-prevention platform, which provides
purpose-built machine learning for risk prevention with a focus on
customer experience and flexibility to scale along with the rapidly
growing bank.

Varo is on track to become the first mobile-centric national bank in the
history of the United States, pending charter approval by the Office of
the Comptroller of the Currency (OCC). Varo has a mission to improve
customers’ financial lives. To help achieve these goals, Varo has chosen
Feedzai as their enterprise fraud prevention partner, further enabling
the company’s focus of using the best possible technology to offer
customers enhanced experiences without added friction.

As Varo builds new technology to be more performant than legacy banking
incumbents, it also offers an intelligent mobile-only banking platform
focused on better customer experience. Varo can onboard new customers
seamlessly, safely and at scale with the confidence that Feedzai’s
machine learning platform is safeguarding the enterprise. By building
omnichannel financial crime prevention into the core of the platform,
Varo is paving the way to be the leader in the next generation of

“Customer security and experience is a top priority at Varo,” Colin
Walsh, CEO of Varo, said. “Our partners all reflect our commitment to
delivering the best possible banking experience to every customer.”

Feedzai provides the single risk engine for multiple use cases across
the enterprise for Varo, all of which will run on cloud-based
deployment. The flexibility and ease of onboarding new applications
means that the bank can continue to scale its fraud prevention need as
they continue to expand globally.

“Varo and Feedzai approach the world through the same framework of what
will be best for customers, and how can we use technology to make that
happen,” said Nuno Sebastiao, Feedzai CEO and co-founder. “We’re proud
to be working with a leader in the transformation of digital banking.”

About VARO

Money, Inc. (“Varo”)
is on a mission to redefine banking so it’s
easy for everyone to make smart choices with their money. In one mobile
app, Varo offers customers no-cost premium bank accounts and
high-interest savings accounts offered through The Bancorp Bank, and
tech-first features to help people manage their money more easily. As a
fintech leader, Varo has been granted preliminary approval for a de novo
national bank charter by the Office of the Comptroller of the Currency
(OCC), and is working to become the first mobile-centric national bank
in U.S. history. Based in San Francisco and Utah and privately held,
Varo has raised $165M to date, led by Warburg Pincus. Varo Personal
Loans are offered by Varo Money, Inc., under state licenses, subject to
application approval. For more information, visit www.varomoney.com,
like Varo on Facebook, and follow us on Instagram and Twitter @varomoney.

About Feedzai

Feedzai is the market leader in fighting fraud with AI. We’re coding the
future of commerce with today’s most advanced risk management platform
powered by big data and machine learning. Founded and developed by data
scientists and aerospace engineers, Feedzai has one mission: to make
banking and commerce safe. The world’s largest banks, processors, and
retailers use Feedzai’s fraud prevention and anti-money laundering
products to manage risk, while improving customer experience.


Read More   NERC highlights efforts of Electric Reliability Organization Enterprise in annual report - Daily Energy Insider

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.