Zenus Bank focuses on Essentials fraud capabilities including ACH, Wire Debit Card fraud, and in anti-money laundering


Image: NICE Actimize offers AML and Fraud SaaS Essentials solutions for Zenus Bank. Photo: Courtesy of Pete Linforth from Pixabay.

Zenus Bank, a US-based independent digital bank, has selected NICE Actimize, an autonomous financial crime management firm, for its AML and Fraud SaaS Essentials solutions.

The bank aims to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with solutions provided by NICE Actimize.

It intends to make it easy to access, send, receive, and store money in the US from anywhere in the world without requiring US residency.

Zenus Bank chairman & founder Mushegh Tovmasyan said: “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.

“With such an ambitious objective, Zenus Bank has made safeguarding future customers and strict adherence to global regulatory compliance a priority in the early-stage development of its global banking services offerings.”

NICE Actimize is offering AML and Fraud SaaS Essentials solutions for Zenus Bank

Zenus Bank said that the SaaS AML and Fraud Essentials from NICE Actimize are integrated into its AML-Fraud solution with a combined case manager and sophisticated, agile analytics, addresses complete financial crime requirements in a cloud environment.

In addition, the Essentials are set to achieve better detection accuracy, a lower rate of false positives and high operational efficiency, based on the same NICE Actimize solutions deployed in many institutions.

Zenus Bank is expected to focus initially on Essentials fraud capabilities, including ACH, Wire, Debit Card fraud, and in anti-money laundering, utilising Suspicious Activity Monitoring, Customer Due Diligence, and Watch List Filtering capabilities.

NICE Actimize has created AML Essentials, a Software-as-a-Service (SaaS) solution, to manage different banking activities across the whole KYC-AML programme, including customer due diligence and enhanced due diligence processes, transaction monitoring, customer and message screening.

Its Fraud Essentials is also a cloud-based solution designed to offer real-time fraud detection, cross-channel analysis, and multi-payment coverage, along with extensive fraud alert and case management, to detect fraud perpetrated against multiple payments and transactions.

NICE Actimize CEO Craig Costigan said: “Our extensive 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.

“We are pleased that Zenus identified that the Essentials software-as-a-service solutions will bring value to their organization. NICE Actimize will continue to offer cutting-edge approaches to support the newest financial product categories as they grow and succeed in their unique approaches to financial services.”