Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

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Varo Moves Closer to Bank Charter

The FDIC has approved Varo Money’s application for deposit insurance, putting it on the brink of becoming the first financial technology company to obtain a national bank charter. The OCC previously gave preliminary approval in 2018 to a charter, which has rebranded itself as Varo Bank. Varo will now wait to receive final approval from the OCC to receive a full bank charter.

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