Financial institutions know their customers and the markets they serve. But as people and businesses become more connected globally, their financial needs increasingly extend beyond their home markets.
Financial inclusion has traditionally focused on access to accounts, payments, savings and other essential financial services. As economies become more connected, however, access also has an international dimension.
Having a local bank account does not necessarily mean a person or business can easily receive money from abroad, manage USD, access international banking services or use the payment networks needed to transact internationally.
For banks, fintechs and other financial institutions, this creates an opportunity to help bridge that gap and support customers beyond the boundaries of their domestic banking network.
The question is: how can financial institutions provide those capabilities without building banking infrastructure in every market their customers need to reach?
Extending what customers can do
Financial institutions can connect to banking infrastructure that complements their existing services and extends what they can offer through their own platforms.
Through Zenus, partners can provide eligible customers with U.S. bank accounts, USD capabilities, domestic and international payment rails, and card programs.
Consider a business in Latin America selling to customers in the United States. The challenge may not be access to banking itself, but accessing the right banking capabilities for how that business operates.
Through its financial provider, the business could access U.S. account details to receive payments, manage funds in USD and use the appropriate payment rails to move money.
The underlying infrastructure happens in the background. What matters to the customer is having the financial capabilities to operate where their business takes them.
A cross-border dimension to financial inclusion
This broader view of access is important when considering financial inclusion.
As financial activity becomes more international, the ability to receive funds across borders, use different currencies and connect to international payment networks can influence how effectively people and businesses participate in the financial system.
Zenus supports customers and partners in over 180 countries and territories, providing infrastructure that can help financial institutions serve customers with increasingly global financial needs.
But geographic reach alone is not financial inclusion. The real measure is who benefits, which barriers are reduced and what people and businesses can do as a result.
From reach to impact
This distinction is part of Zenus' work as a signatory to the UNEP Finance Initiative Principles for Responsible Banking.
Through our impact analysis, we are examining how our global footprint and the services enabled through our partners relate to Financial Inclusion and Gender Equality, with Reduced Inequalities and Financial Health as supporting impact areas.
Reaching 180+ countries and territories reflects the scale of our international footprint. More importantly, it reflects the role our infrastructure can play in helping financial institutions serve people and businesses whose financial needs extend beyond their home markets.