Varo Bank, the first nationally chartered consumer techbank in the USA, has announced the launch of a free instant payments service.
Known as Varo to Anyone, the service will allow users to to send payments to anyone with no fees, backed by an FDIC-insured national bank.
Varo to Anyone transfers can be sent to anyone with a U.S. debit card, no matter where they bank.
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.”
Customers will find Varo to Anyone on the “Move Money” page inside the Varo app and can send money instantly to anyone with a U.S. bank account, no matter where they bank, by allowing access to phone contacts or inputting the recipient’s U.S. 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.
The speed, cost-effectiveness, and security inherent in Varo’s to Anyone are made possible by Varo’s national banking charter and distinctive tech bank business model.
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