New challenger bank Zenus picks NICE Actimize AML tech
San Juan-based new challenger Zenus Bank has chosen NICE Actimize to provide its anti-money laundering (AML) and fraud protection software, reports Jane Connolly.
Due to launch in Q4 2019, Zenus Bank will enable people to access, send, receive and store money in the US from anywhere in the world without needing US residency.
The NICE Actimize Software-as-a-Service (SaaS) AML and Fraud Essentials is an integrated end-to-end solution that is described as cost-effective and easily scalable.
With the platform, Zenus Bank will initially concentrate on ACH, wire and debit card fraud, along with AML capabilities in suspicious activity monitoring, customer due diligence and watch list filtering.
“Beyond first-mover advantage, we are creating a new marketplace which will provide first-world banking products to most of the world’s population from outside their country of residence or incorporation,” says Mushegh Tovmasyan, chairman and founder of Zenus Bank. “Our mandate is to adopt a robust financial crime protections policy that utilises a modern, cloud-based approach.”
Craig Costigan, CEO of NICE Actimize, adds that the company’s extensive experience in AML compliance and fraud protection adapts well to the needs of challenger banks.
