Zenus Bank becomes Visa Principal Member
Zenus Bank, the American digital bank is announcing today it is the first International financial entity to become a Principal Member of Visa, the world’s leader in digital payments.
Zenus Bank makes it easy and safe for clients to access, send, receive and store money in the USA from anywhere globally. By leveraging Visa’s brand, scale and global acceptance footprint, Zenus will bring a robust and innovative value proposition.
Under the agreement, Zenus will exclusively issue Visa-branded debit cards. Visa enjoys unsurpassed acceptance worldwide. In addition, Visa/PLUS is one of the largest global ATM networks, offering cash access in local currency in 200+ countries.
Zenus Bank, set to open later in 2020, will operate a full reserve business model without lending or credit activities offering an international alternative to local banks.
Zenus is taking the digital bank model to the next level by providing a cross-platform digital experience supported by state-of-the-art technologies in front-end, back-end and leveraging artificial intelligence and machine learning to deliver intelligent digital user experiences.
“Our mission is to give people in emerging economies an alternative to local traditional banks by offering a transparent, digital banking experience on par with leading global banks,” said Mushegh Tovmasyan, chairman & founder, Zenus Bank. “This great partnership with Visa – the world’s leader in digital payments will further enable us to become the competitive edge for our customers.”
Luis Guerra, country manager Visa said: “Payments technology is continuously evolving the way consumers and merchants interact and banks must adapt quickly their infrastructure and business model to succeed.
The collaboration with Zenus is one of the latest examples of Visa’s efforts to help clients enable individuals and small businesses with state-of-the-art digital payments capabilities in a world that is moving at a faster speed to adopt secure, frictionless and convenient consumption experiences”
Visa is working with financial institutions and technology partners to grant access to its vast set of APIs and to fraud prevention tools such as Visa Risk Manager, Visa Advanced Authorization and Visa Strategy Manager so they can offer a superior purchase experience in both card-present and card not present environments.
The Visa and Zenus Bank partnership builds on Visa’s long-term commitment to fintechs. Together, the two companies will focus on enhancing the new digital bank’s capabilities through solutions including, Visa Direct, Visa’s real-time payments platform and business-to-business payments solutions for small and medium businesses and global enterprises.
