Zenus BankPuerto Rico-based Challenger Bank Zenus has tapped Nice Actimize to establish cloud-based anti-money laundering (AML) and enterprise fraud protection solutions. New Jersey-headquartered NICE Actimize is a subsidiary of Israel-based NICE Ltd.

Zenus Bank is being established with an idea to facilitate ease of access, convenient funds transfer and management across the United States from anywhere in the world without requiring US residency, as per a statement. The bank is expected to go live in the last quarter of 2019.

“…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. Our mandate is to adopt a robust financial crime protections policy that utilizes a modern, cloud-based approach,” Mushegh Tovmasyan, Chairman & Founder, Zenus Bank stated.

Zenus Bank is expected to initially focus on Essentials’ fraud capabilities such as automated clearing house (ACH), wire, and debit card fraud; and in anti-money laundering, the bank is likely to utilize suspicious activity monitoring, customer due diligence, and watch list filtering capabilities.

NICE Actimize is a provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators.

NICE Actimize’s software as a service (SaaS) AML and fraud essentials manages a range of banking activity that includes processes for customer due diligence, enhanced due diligence, transaction monitoring, customer and message screening.  It is also a cloud-based solution that offers real-time fraud detection, cross-channel analysis, and multi-payment coverage, as well as fraud alert and case management, the statement added.

by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence