Zenus Bank, a soon-to-launch US-based digital lender, has partnered with NICE Actimize, a NICE business, to bolster anti-money laundering (AML) controls.
Under the partnership, NICE Actimize will leverage its AML and Fraud SaaS Essentials solutions to devise a cloud-focused financial crime strategy for AML compliance and enterprise fraud protection.
The NICE Actimize SaaS AML and Fraud Essentials solution is designed to facilitate financial crime prevention on cloud.
According to the company, the Essentials solution is designed to improve detection accuracy, reduce false positives and optimise operational efficiency.
Initially, Zenus Bank will utilise the solution to prevent ACH, wire, and debit card fraud. It will also utilise Suspicious Activity Monitoring, Customer Due Diligence, and Watch List Filtering capabilities to combat money laundering.
Zenus Bank chairman and founder Mushegh Tovmasyan said: “Our mandate is to adopt a robust financial crime protections policy that utilises 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.”
Zenus Bank is expected to commence operations from the fourth quarter of 2019.
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 organisation.”
Earlier this year, NICE Actimize introduced CDD-X, an AI-powered compliance solution for banks.
