Financial technology startup Prismm has developed a digital platform that helps banks manage beneficiary information and transfer assets to heirs after an account holder dies. Founded in 2020 by sisters Martha Underwood and Shella Sylla, the company integrates estate planning into banking systems to simplify inheritance procedures and help financial institutions retain customer deposits.
Prismm presented its technology on October 14 at TechCrunch Disrupt 2026’s Startup Battlefield competition in San Francisco. The company aims to address what it calls “estate attrition,” which occurs when inherited money moves to other financial institutions following an account holder’s death.
How Prismm’s Estate Planning Platform Works
Prismm allows bank customers to designate beneficiaries and securely organize financial documents before an emergency or death occurs. Authorized family members can later access relevant records and initiate eligible asset transfers digitally, even when they live in different states.
According to Prismm’s official platform information, the company currently offers two products, Designate and Anchor, with a third service under development. These tools connect directly with banks’ existing systems rather than requiring customers to use a separate consumer application.
Prismm Designate allows account holders to add or update beneficiaries digitally, helping banks maintain accurate records throughout customers’ lives. Prismm Anchor provides a secure location for storing information about accounts, property, documents, and assets held across different institutions.
The upcoming Prismm Continuity service will guide bank employees and families through inheritance procedures, including document verification and asset transfers. The company says having identity information, consent, and supporting documents prepared beforehand can reduce paperwork and enable remote processing.
Family Experience Inspired Prismm’s Development
Underwood and Sylla began developing the idea after their father was hospitalized in 2017 following an accident while clearing a neighbor’s roof after Hurricane Irma in Miami. Their mother, who relied on him to manage household finances, struggled to locate important documents and account information.
Although their father recovered, the experience highlighted difficulties families face when financial information is unavailable during emergencies. Underwood encountered similar problems while working at a bank during the COVID-19 pandemic, when families sought assistance managing accounts and bills after relatives died.
Both founders have decades of experience in banking and finance. Their experiences led them to establish Prismm as a banking infrastructure provider focused on estate administration and financial continuity.
Prismm Targets Deposit Losses After Account Holders Die
Prismm says financial institutions lose billions of dollars in deposits annually when beneficiaries transfer inherited assets to competing banks. Its technology is designed to help institutions establish relationships with beneficiaries before inheritance occurs, while reducing administrative work for families and banking staff.
The company’s estate planning infrastructure integrates beneficiary management and financial record organization into existing banking services. Underwood said the goal is to provide banks with systems that support asset transfers while helping them maintain relationships with the next generation of customers.
Featured image credits: Magnific.com
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