US challenger Zenus picks Finxact to power its “global banking platform”
US digital challenger Zenus Bank, which provides banking services to non-US citizens, has partnered with Fiserv company Finxact to deliver a “global banking platform” that will offer US bank accounts to millions worldwide.
Zenus taps core banking tech provider Finxact
Finxact will join Microsoft and HSO, a business network and cloud consultancy, in delivering the platform that will support Zenus’ retail, corporate and partnership banking operations.
Finxact’s core banking system, which leverages open APIs, will enable Zenus to “invent, curate and launch” products at speed to meet customer demand and expectations. The platform will be integrated into Microsoft’s tech stack by HSO.
Zenus Bank enables people to access, send, receive and store money in the US from anywhere globally, providing access to their funds without requiring US residency or citizenship.
This provides access to the US dollar for those in developing countries with less stable economies. Zenus Bank also offers customers institutional FX rates and limitless ACH payments and wire transfers.
Finxact was acquired by US banking tech heavyweight Fiserv for $650 million earlier this year. Among its clients are FirstBank, First Horizon Bank (for its VirtualBank subsidiary brand), digital banking app One and Woodforest National Bank (also an investor).
