SAN FRANCISCO--(BUSINESS WIRE)--Bank customers will have an easier time signing up for reciprocal deposit services under a new partnership between Prelim and IntraFi®.
IntraFi, the inventor of reciprocal deposits, provides services that enable banks to offer their customers access to millions of dollars in aggregate FDIC insurance across its more than 3,000 network banks. Prelim is a fintech renowned for its digital onboarding solutions for consumer and business accounts.
The partnership between IntraFi and Prelim promises to ease onboarding for customers of banks signing up for ICS® and CDARS®.
“We are excited to offer banks a service that can make it easier to onboard their customers to ICS,” said IntraFi CEO and Co-Founder Mark Jacobsen.
As demand for digital banking soars, onboarding has become a critical part of the customer journey. “It’s often the first interaction a customer has with a financial institution, and they expect a real-time, seamless experience,” said Heang Chan, CEO and Co-Founder of Prelim.
However, onboarding customers can be cumbersome and inefficient when customer information may be hard to obtain and manage. The process can involve a lot of paperwork, and banks have to adhere to various compliance requirements—precisely the kinds of challenges Prelim was created to help banks manage.
“We’re excited to work with IntraFi on a solution that will enable IntraFi’s network banks to seamlessly onboard customers from the Prelim application,” Chan said.
About Prelim
Prelim is a leading Silicon Valley fintech company providing digital account onboarding solutions for more than 100 financial institutions, including Axos, City National Bank of Florida, Banc of California, and more. Prelim solutions empower banks, credit unions, and other financial institutions to digitize the customer journey from onboarding to servicing, making it easy for employees to better serve customers by automating internal operations, such as reviewing, processing, underwriting, and servicing. Built by banking experts, Prelim's flexible, open architecture platform delivers a better customer experience through process automation for identity verification, issuing services from the core, and so much more. For more information, please visit prelim.com.
About IntraFi
IntraFi has built the largest financial network of its kind, connecting thousands of financial institutions nationwide. The firm helps banks and financial services organizations keep customer money secure, manage cash balances, and increase profitability. The nation's top provider of reciprocal deposit services and a leading provider of overnight- and term-funding options, IntraFi has the scale to be a strategic partner for small or large bank funding and capital management needs.
Deposit placement through ICS is subject to the terms, conditions, and disclosures in applicable agreements. IntraFi is not an FDIC-insured bank, and deposit insurance covers the failure of an insured bank. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.