US Trust International Bank (Source: US Trust International Bank)
The proposed name of the bank in formation is US Trust International Bank (UST). The actual charter itself is rather unique in the sense that it's one of the very few banking institutions operating worldwide that enjoys licensing preemption throughout the United States, but is also permitted to conduct business globally with non-OFAC-sanctioned individuals and companies. Hoping to launch operations in Q1 2026 officially, co-founder and CEO Robert Fiallo has stated his intent to build a multi-billion-dollar asset balance sheet within a relatively short period of time.
The primary regulator will be the USVI Department of Banking, Insurance & Regulation. Once the institution has been operating for at least two consecutive financial quarters and meets basic auditing requirements, it can apply to the U.S. Federal Reserve for direct clearing authority.
According to Fiallo, the bank’s most distinctive feature is its ability to operate both domestically and internationally while remaining fully rooted in U.S. compliance frameworks. “What’s unique about this charter is the ability to bank all of our clients in US dollars, while at the same time providing quick, reliable, and secure currency conversions through our treasury desk,” he says. “In my experience, I’ve rarely encountered a U.S.-based financial institution that can readily onboard and fully support international clients,” he notes.
Robert Fiallo (source: Hamilton Financial Holdings)
In an effort to change that, UST will have the ability to onboard clients across dozens of countries, provided they do not appear on OFAC’s sanctions list. The process is designed to be entirely digital, typically requiring basic diligence items such as a passport and driver's license/national ID card, along with proof of residence and proof of funds. This accessibility also extends to the underserved communities and underbanked individuals, such as migrants or international workers who may not have a U.S. ID but maintain valid documents from their countries of origin. Naturally, this also extends to individuals and businesses throughout the world who desire to establish a banking relationship with a financial institution in the United States.
Fiallo notes that the banking system essentially relies upon a central clearinghouse to authenticate the validity of transactions. “By way of example, in the United States, it's essential for banks to clear their transactions through the Federal Reserve, thus confirming that the funds being transferred are in fact valid,” he says. Foreign banks, money service businesses, and fintechs cannot directly access the Federal Reserve system. As such, UST will offer correspondent services to well-qualified banks and MSBs, thus helping foreign institutions and individuals to gain access to a streamlined flow of US dollar transactions.
The third pillar of the bank’s strategy is its specialty in fintechs, including money service businesses and digital-first financial platforms. UST's Chief Technology Officer, Randy Leonard, is a world-renowned and internationally recognized Programmer and Developer of core banking systems and payment processing networks. The main differentiator from its competitors is UST's ability to customize API-level integrations, allowing fintechs to securely send required customer data, automate compliance steps, and enable rapid transaction processing. “These API integrations, developed by our CTO, allow the core operating systems of our clients to effectively communicate with our bank's core system in a quick, reliable, and secure manner,” he says.
Jack Robinson (source: Hamilton Financial Holdings)
Once established and operational, UST will also join the Green Dot Network, enabling cash deposits and withdrawals at major retailers such as Walmart, Walgreens, and CVS Pharmacy, which Fiallo notes can be a significant utility for clients without access to local bank branches or ATMs. “Funds settle instantaneously after being deposited, and clients will receive a debit card that functions for payments, ATM withdrawals, and 24/7 global access to their cash fiat residing within our bank,” Fiallo explains. Additionally, the bank has three main categories of lending services: invoice/receivables financing, residential & commercial mortgage lending, and lines of credit secured by digital assets.
At the heart of UST lies its mission to blend traditional private banking with advanced digital convenience and security. This, Fiallo notes, is executed and supported by the bank’s leadership philosophy, which is rooted in agile decision-making, an aversion to bureaucracy, and personalized service emboldened by the executive management team.
As the application process and subsequent regulatory steps near completion, UST is poised to introduce a unique model that blends private banking with a global reach that's driven by API integration, which leverages all of the efficiencies tied to a digital platform.
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