Prismm gives banks digital tools to manage inherited assets
Prismm is a fintech startup helping banks manage the transfer of customers’ money and documents to their families after death. By building beneficiary and estate planning tools into bank accounts, it aims to make the process simpler for families and help banks retain assets that might otherwise leave.
Founded in 2020 by banking veterans and sisters Martha Underwood and Shella Sylla, Prismm grew from their experience of a family emergency and Underwood’s later work with bereaved customers. Its tools let customers designate relatives to access account information and documents, and allow eligible beneficiary transfers to be started digitally. The company offers Prismm Designate for updating beneficiaries and Prismm Anchor for securely organising information; a third product is in development.
- Prismm builds estate tools into bank accounts.
- Families can access documents and begin eligible transfers digitally.
- The startup aims to simplify inheritance and retain assets at banks.
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When someone dies, their family may need to identify accounts, find important documents and establish who is entitled to receive money. Banks have procedures for handling these requests, but the process can involve paperwork and take time.
Prismm is a financial technology company founded in 2020 by sisters Martha Underwood and Shella Sylla, both banking veterans. Its tools let customers record beneficiaries and organise account information and documents, and can help eligible transfers get started online.
The issue matters to families managing an estate and to banks, which may lose customers’ assets if transfers are difficult. Digital planning tools are one way banks are trying to make that process easier.
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Originally published by TechCrunch as “Prismm helps banks keep inherited money in-house”.