Handling an inheritance can be a difficult process for families, particularly when receiving funds means waiting for a check, completing additional forms or navigating a separate transfer process.
For credit unions, there is another consideration: what happens to the member relationship once those assets are transferred?
Ribbon, a fintech company focused on inheritance and deposit retention for credit unions, is addressing that process with a new feature called Inherit a Membership.
A simpler way to transfer inherited funds
Saeid Kian, co-founder and CEO of Ribbon, announced that the feature is now available across digital account opening platforms using Ribbon’s Inheritance Platform.
Instead of sending inherited funds by check or requiring beneficiaries to complete a separate ACH transfer, the new workflow allows them to receive the inheritance through a new credit union membership.
The process can take as little as three clicks, allowing the next generation to receive an inheritance through a participating credit union.
The feature follows feedback from focus groups with grieving families. According to Kian, inheriting a membership was one of the top requests, with participants highlighting the desire to avoid losing something in the mail or dealing with additional paperwork during an already difficult period.
The new workflow also gives credit unions a way to approach inheritance as the beginning of a new member relationship rather than simply the end of an existing one.
Ribbon’s broader platform is designed to help financial institutions manage inheritance workflows while retaining deposits and connecting with the next generation of members.
With Inherit a Membership, the beneficiary can move directly from receiving an inheritance to becoming a member, bringing the transfer of funds and the creation of a new financial relationship into the same digital experience.
