MANTL was founded as a challenger bank in 2016 before the firm shifted from competing with peers in the community banking space to selling to them. The goal is to help modernize outdated banking infrastructure in the US without breaking the bank, as the company says.
The company offers an account opening software that helps customers to open a deposit account in less than three minutes. The firm also claims the app automates decisioning in 90% cases and reduces fraud by 60%. It should be easier for small businesses to set up deposit accounts with MANTL partnered banks.
The new process is a 100% digital approach and self-service for SMB customers. On the banking side, a console lets banking staff expedite approvals, assist customers and check KYC/AML in real-time. According to the release, forms and document collection can be automated and uploaded online.
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