Prismm helps banks retain inherited money internally

Fintech company Prismm has developed a system designed to assist banks in keeping the management of inherited assets in-house following the death of an account holder. The company aims to simplify the transfer of assets to heirs by integrating beneficiary and estate planning into accounts from the outset.

Prismm was founded in 2020 by sisters Martha Underwood and Shella Sylla, both bringing decades of experience from the banking and finance sectors. The inspiration for Prismm stemmed from personal experiences highlighting the difficulties in managing a family's finances and documentation during emergencies or after a death.

Prismm enables account holders to grant designated family members access to their accounts and documents in advance. After the account holder's death, the designated individual can log in, view assets and documents in one location, and digitally initiate eligible beneficiary transfers. As identity, consent, and supporting documents are already on file, the process can be completed remotely, even if family members reside in different states.

According to the founders, existing market solutions are primarily consumer-based. Prismm focuses on addressing an infrastructure problem for banks, as the handling of estates often becomes a low priority for grieving family members, particularly women who traditionally manage family affairs.