Augustus Receives OCC Approval to Establish AI Era Clearing Bank

Augustus Bank has received conditional approval from the OCC to establish Augustus Bank, N.A. as a full-service national bank, announced in a press release. The New York-based company describes the institution as the first clearing bank designed for the AI era, built on a stablecoin foundation and an AI-based core system that supports continuous programmable money transactions.

Co-founder Ferdinand Dabitz, age 25, will become the youngest CEO of a federally chartered bank in more than a century. The bank will target global financial institutions that require instant and programmable clearing of major currencies. Augustus already operates in Europe with euro clearing and serves clients including digital asset exchange Kraken.

The bank’s proprietary system is built to handle machine-initiated workflows, enabling near autonomous operations. Once fully licensed, Augustus Bank will add US dollar clearing to its platform. The leadership team includes President Greg Quarles, formerly of Green Dot Bank and the OCC, along with executives from JPMorgan Chase, Brex, and Revolut.

Augustus is among fewer than ten institutions to receive a full-service national charter in the US since 2010. The company said its platform aims to modernize Western currency clearing infrastructure and provide continuous access for both human and AI-driven financial operations.