Zenus Bank has tapped cloud-native core banking solution Finxact to scale its digital transformation. 

The San Juan, Puerto Rico-based bank’s new platform is expected to launch in April 2023 with Finxact capabilities operating on the Microsoft Azure cloud, Pedro Martinez, Zenus Bank’s chief information officer, told Bank Automation News.

“We needed to rely on modern technology, that was API-driven, that wasn’t legacy,” Martinez said. “We’re going to expect [Finxact] to provide a very rapid transformation of our customers as well, with a [business-to-business] model for better banking and white-label banking.” 

The private bank is amping up its business-to-business (B2B) model with the goal of reaching 20 million banking customers over the next two years, he said. 

Finxact, which was acquired by core provider Fiserv in April, has also been selected by startup Battle Bank, $9.1 billion Live Oak Bank and $1 billion Credit One Bank, according to an FI Navigator report provided to BAN. 

Zenus expects its new platform will allow the bank to serve a wider B2B international market, Martinez said. 

“Their portfolio of customers was a reason [Finxact was chosen], because their customers have been very volume-intensive from a transaction perspective, but they allow multitenancy from the start which is very important when dealing with B2B transactions,” Martinez told BAN. 

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