/Regulation & Compliance

Regulation and Compliance News and Resources

Zenus Bank selects Nice Actimize for AML and fraud protection

Source: Nice Actimize

Leading the industry with solutions protecting challenger banks and digital financial services offerings, NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in autonomous financial crime management, was selected by Zenus Bank, San Juan, Puerto Rico, to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with its AML and Fraud SaaS Essentials solutions.

Zenus Bank, expected to open in the fourth quarter of 2019, was established to make it easy to access, send, receive, and store money in the United States from anywhere in the world without requiring US residency.

Meeting end-to-end financial crime requirements in a cloud environment, NICE Actimize SaaS AML and Fraud Essentials is a robust, integrated AML-Fraud solution with a unified case manager and highly sophisticated, agile analytics. Essentials achieves best detection accuracy, a lower rate of false positives and high operational efficiency. Essentials is based on the same NICE Actimize solutions deployed in many institutions across the globe, packaged and delivered out-of-the-box on a cost effective, easily scalable Software-as-a-Service platform.

Zenus Bank will initially focus on such Essentials fraud capabilities as ACH, Wire, and Debit Card fraud; and in anti-money laundering, Zenus will utilize Suspicious Activity Monitoring, Customer Due Diligence, and Watch List Filtering capabilities.

“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,” said Mushegh Tovmasyan, Chairman & Founder, Zenus Bank. “Our mandate is to adopt a robust financial crime protections policy that utilizes a modern, cloud-based approach. With an industry leader like NICE Actimize leveraging its years of experience and advanced technology, we are confident that our customers will have an efficient user journey and will enjoy doing business with us.”

“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,” said Craig Costigan, CEO, NICE Actimize. “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.”

NICE Actimize’s AML Essentials, a Software-as-a-Service (SaaS) solution manages a range of banking activity across the entire KYC-AML program that include processes for customer due diligence, enhanced due diligence, transaction monitoring, customer and message screening, and more. NICE Actimize Fraud Essentials is also a cloud-based solution that offers real-time fraud detection, cross-channel analysis, and multi-payment coverage, as well as extensive fraud alert and case management. NICE Actimize Fraud Essentials delivers a complete robust suite of fraud operations tools to help detect fraud perpetrated against multiple payment and transaction types.

Comments: (0)

Featured job
All Jobs »
London, UK

Senior Sales, Collateral Management Solutions (London, covering EMEA)

Competitive base + bonus + benefit package

22 Jul