Varo Money Chooses NICE Actimize for Anti-Money Laundering Protections

April 8, 2019         By: Michael Millington

Software-as-a-Service (SaaS) shows its worth again.

Varo Money has chosen NICE Actimize to prevent money laundering and improve transaction monitoring capabilities. The ability to meet anti-money laundering requirements is extremely important. NICE Actimize’s AML Essentials software allows for a wide range of detection options for banking activities, adding a secure level of protection to the financial landscape.

What makes this particular coupling special is that it is a unique pairing of expeditious payments work with increased security. Tracking due diligence, monitoring transactions, filtering watch lists and filing SARs (suspicious activity reports) helps to make security a top priority for consumers.

“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.”

Hopefully this will further the trend of making payments easier to work with overall without sacrificing security.