Varo Bank has launched Varo to Anyone, a free, instant payments service. With the service, money sent, received, and stored from Varo Bank accounts are insured up to $250,000. Varo to Anyone transfers can be sent to anyone with a US debit card, no matter where they bank and is specifically designed to send payments to anyone with no fees, backed by an FDIC-insured national bank.
The speed, cost-effectiveness, and security inherent in Varo to Anyone are made possible by Varo’s national banking charter and tech bank business model. This continues expansion from Varo Bank, who extended its partnership with Temenos earlier this month.
Send money to anyone
Customers will find Varo to Anyone on the ‘Move Money’ page inside the Varo app and can send money instantly to anyone with a US bank account, no matter where they bank, by allowing access to phone contacts or inputting the recipient’s US phone number or email manually. After sending the money, the recipient will get a text or email notification about the payment with instructions on receiving their funds by entering their debit card information in Varo Bank’s portal.
Colin Walsh, CEO of Varo Bank, said: “Shortly following the successful launch of Zelle, Varo is continuing its investment and innovation in payments with Varo to Anyone. We are providing the ultimate instant money flexibility, with no fee structure and the security only a bank provides. Varo to Anyone’s three-month development cycle and no-fee basis truly demonstrates Varo’s bank charter with FDIC insurance in action.”
Varo’s focus on technology and machine learning means that it can offer an increasing range of services to help consumers living paycheck to paycheck progress in their financial lives, this includes higher rate savings, small-dollar advances and lines of credit. By offering a range of cost-efficient instant cash payments with a tech company’s speed of innovation rather than a traditional bank, Varo passes savings on to customers through low-fee or no-fee services.
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