Zenus Bank, a digital-only bank that is regulated in Puerto Rico, is on a mission to provide access to US banking accounts to individuals all over the world. To further this ambition, Zenus has partnered with Finxact, part of Fiserv, to leverage its core banking platform.
Zenus Bank is licensed and regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico. This enables access to the US and the ability to provide deposits and other banking services. Zenus Bank is not FDIC insured.
Zenus Bank explains that it aims to make it easy and safe for clients to access, send, receive and store money in the USA from anywhere globally. The company provides customers with a global footprint and access to their funds without requiring US residency or citizenship. The company states that this combats the local residency requirements that banks have when accepting foreign clients and 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 offers a robust bank tech stack with open APIs and extensible components. The services are expected to be integrated into Zenus with its’ “full Microsoft stack” by global partner HSO.
Zenus bank was first launched in 2019 by Mushegh Tovmasyan after he found the concept of transferring money overseas a complex, expensive and time-consuming process when working for other banks and currency trading platforms.
“It is deeply gratifying for the dedicated team of Finxact engineers to see our technology expand the horizons of banking and further the individual goals of the consumers, entrepreneurs and businesses around the world that Zenus will be helping with their first-to-market solution,” said Ryan Victor, Chief Revenue Officer, Finxact.
Pedro Martinez, CIO of Zenus Bank, called the announcement hugely important in advancing its goal of providing US bank accounts to individuals around the world.
Eduardo Joia, Financial Services Managing Director, Microsoft LATAM, said the partnership with his firm and Finxact will lay the foundation for a truly world-class digital infrastructure.
Zenus Bank notes that it will not open an account nor enable a transaction from sanctioned countries or sanctioned individuals.
