Digital challenger bank Zenus Bank wants to be one of the first banks in the United States to service a global clientele. The San Juan based operation is said to be nearing launch, currently scheduled for Q4 of 2019, and in advance of this event, Zenus has enlisted NICE (Nasdaq: NICE) to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with its AML and Fraud SaaS Essentials solutions.
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Mushegh Tovmasyan, Chairman & Founder, Zenus Bank, claims they have a “first-mover advantage” as they provide “first-world banking products to most of the world’s population from outside their country of residence or incorporation.” Because of this mission, Tovmasyan is acutely aware of the need for strict compliance and robust financial crime protection.
Craig Costigan, CEO of NICE Actimize, claims their experience in AML compliance and fraud protections adapts well to the requirements of challenger banks – especially one such as Zenus, “which is disrupting the industry with new and innovative approaches to global banking.”
Zenus Bank says it will be a “full reserve” bank and thus will hold 100% of deposited cash on hand. Zenus expects that it will first offer bank accounts and multi-currency debit cards before expanding to other services such as merchant processing, investment accounts, and correspondent banking.
Regarding AML/KYC, Zenus Bank will initially focus on fraud capabilities as ACH, Wire, and Debit Card fraud; and in anti-money laundering, Zenus will utilize Suspicious Activity Monitoring, Customer Due Diligence, and Watch List Filtering capabilities.
Zenus Bank becomes Signatory of UN Principles for Responsible Banking
Zenus Bank has become an official Signatory of the UN Principles for Responsible Banking – the leading framework for a sustainable banking industry, developed through an innovative partnership between banks worldwide and United Nations Environment Programme Finance Initiative.
Sustainability is a fundamental principle for Zenus Bank. In enabling a large demographic of individuals and corporates around the world to access more modern and transparent banking services, Zenus gives them the ability to compete on a level playing field, build small businesses and create wealth. Zenus is committed to helping create a financial services sector that serves not only the needs of the world today but improves people’s quality of life without compromising that of future generations.
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José A Díaz-Ortiz, Chief Executive Officer Zenus Bank said: “We are very proud to commit to the UNEP FI Principles for Responsible Banking. Zenus is built on addressing global social & financial inclusion in an ethical and sustainable manner. Our declaration to the Principles for Responsible Banking is yet another milestone in our efforts to raise the standards of banking for all.”
The Principles for Responsible Banking set out the banking industry’s role and responsibility in shaping a sustainable future and in aligning the banking sector with the objectives of the UN Sustainable Development Goals and the 2015 Paris Climate Agreement. They also, importantly, enable a bank to embed sustainability across all its business areas, and to identify where it has the potential to make the most impact in its contributions to a sustainable world. They also enable a bank to take concrete action in addressing sustainability, so it can position itself to leverage new business opportunities with the emergence of the sustainable development economy.
ABOUT ZENUS BANK
Zenus is an independent, American digital bank that is addressing the low banking standards and limited international services available to people and businesses in emerging economies around the world.
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Operating with an international banking license, Zenus offers Personal, Business and Institutional clients in developing countries the ability to open a US bank account remotely – without the need of being a US citizen, resident or registered business.
By facilitating access to the secure and trusted US banking framework Zenus provides clients a transparent and modern alternative to their traditional domestic banks, giving them more control of their funds and the opportunity for more international business. Find Zenus at www.zenus.com and @ZenusBank via social channels.
Zenus logos and images are available in the Zenus Media Library
Further business and personal information is available in the Zenus Newsroom
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Zenus Bank will not open any account or process any transactions from countries which have been sanctioned by the United States Department of the Treasury, Office of Foreign Assets Control ‘OFAC’.
Trademark Note: Zenus is a trademark of Zenus Bank International, Inc. in the United States and elsewhere internationally.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of the management of Zenus Bank International, Inc. (the Company). In some cases, such forward-looking statements can be identified by terms such as believe, expect, may, will, intend, project, plan, estimate or similar words. Forward- looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company’s customer base (particularly financial services firms) potentially impacting our business and financial condition; competition; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; and the effect of newly enacted or modified laws, regulation or standards on the Company and our products. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.
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