Mantl launches Business Deposit Origination for credit unions

Leveraging the same modern infrastructure that transformed consumer account opening for credit unions, MANTL’s streamlined business account opening platform enables credit unions to efficiently grow, serve, and deepen relationships with businesses and their communities.

MANTL Business Deposit Origination is purpose-built for credit unions to open business accounts, ranging from small and medium-sized businesses (SMB) to complex commercial businesses, in less than 10 minutes online and 15 minutes in-branch while delivering a white-glove member experience. MANTL provides businesses with the flexibility to open accounts however they prefer: on any service channel with self-serve or staff-led options. The platform intuitively leads staff through the complex business account opening process with automated workflows that evolve dynamically according to a credit union’s regulatory and risk protocols, reducing the instances of manual review for certain customers by more than 50%. Other key features that improve the member experience include digital document collection, which streamlines information gathering, and a dynamic application checklist that boosts transparency and collaboration by letting members and staff know exactly where they are in the process.

“Our goal when building MANTL Business Deposit Origination was to combine member-centric innovation with efficiency. We understand that business deposit account opening is cumbersome, so we automated critical steps in the process to create an excellent member experience and allow credit unions to focus on what they do best: serving the unique needs of their members,” said Benjamin Conant, co-founder and Chief Technology Officer at MANTL. “Our consumer deposit origination product transformed how our credit union community approaches account opening, and we are excited to build on that momentum with MANTL Business Deposit Origination to execute on our shared ethos: people helping people.”

Business Deposit Origination is live today. MANTL partnered with 10 credit unions nationwide to develop and refine it, including Black Hills Federal Credit Union, Credit Union West, Guardian Credit Union, Pima Federal Credit Union, and Raiz Federal Credit Union.

“As a supporter of entrepreneurship and small businesses in Arizona, Credit Union West is excited to partner with MANTL on Business Deposit Origination. MANTL shares our passion for creating a great member experience, and we are thrilled to extend that member-centric digital experience to businesses in our community,” said Ning Duong, SVP, Chief Operating Officer at Credit Union West.
MANTL offers deep integrations with existing credit union systems, including every major core banking system. Combining innovative technology with exceptional service, key MANTL features that streamline and automate the business account opening processes include:

• One front door for deposit origination: Securely open business accounts on any device, with real-time syncing across channels. Support fully online, banker-led, or a hybrid account opening experience with the ability to seamlessly hand off the application between the banker and member via email and facilitate the secure collection of information and documents across channels.
• Automated KYB/KYC workflows: Improve employee efficiency and maximize conversion, while mitigating fraud with configurable decisioning, and adaptive due diligence.
• Adaptive due diligence: MANTL’s proprietary technology intelligently adjusts the application questions to ask each applicant only what is relevant and necessary to open a deposit account for that particular business.
• Automated memberization: Streamline membership verification, creation, and primary share collection with configurable rules and workflows.
• Comprehensive business products: Support the unique needs of your business members with various products and ownership structures.
• A helpful staff guide: A dynamic application checklist and automated workflows prompt the data and documents needed to comply with your regulatory and risk protocols.
• Digitized beneficial ownership: Easily collect and manage beneficial ownership without the need to collect paper forms.
• Simplified EDD: The system flags the need for enhanced due diligence with tags pinpointing the reason and requirements.

“MANTL is addressing the critical technology gap in the financial services industry for a modern, member-centric business account opening process. This includes challenging the industry’s acceptance that opening a business deposit account must be difficult by default,” said Nathaniel Harley, co-founder and CEO of MANTL. “MANTL bank customers have been using our Business Deposit Origination platform for two years and have experienced up to a 60% increase in business account openings with a 75% reduction in document requests. We can’t wait to see the positive impact a streamlined business account opening process has on our credit union partners, their business members, and community.”