- Prism is a startup that builds beneficiary designation and inheritance procedures into accounts from the start, simplifying the process by which assets pass to heirs after the account holder dies.
- The company has three products. Prismm Designate lets bank customers change beneficiaries digitally, and Prismm Anchor gathers accounts and documents from multiple institutions in one place and gives designees authority. Prismm Continuity is scheduled for launch and reportedly guides staff and family through transfer steps one by one.
- The founders call the phenomenon of heirs moving funds to other financial institutions 'estate attrition,' and claim that it causes financial institutions to lose deposits on the scale of billions every year. This is the company's claim, and the source does not independently confirm the figure.
- After an account holder dies, a designee can view assets and documents on one screen and start transfer procedures digitally. According to the source, identity verification, consent, and supporting documents are registered in advance, so family members can complete the process remotely even if they live in another state.
O: For a bank employee handling inheritance work who wants to reduce customers' beneficiary change process, Prismm Designate's digital change method can be used to compare against their own bank's system.
X: The claim that tens of billions in deposits leave each year comes from the founders. The source does not give the number of adopting banks, the fees, or the launch timing, so it needs to be checked directly.