Digital bank Quontic has partnered with banking technology firm MANTL to launch an enhanced digital banking platform.
The partnership is aimed at boosting the digital banking experience of Quontic customers by allowing them to open a new account within three minutes.
MANTL has integrated its white-label software directly with Quontic’s FIS core banking system in 96 days.
In doing so, MANTL led more than 15 additional fintech integrations that power the platform with new capabilities.
MANTL has leveraged its software to automate nearly 92% of KYC or AML decisions on an average, which reduces fraudulent activity by 67%.
Once an application is approved for account opening, MANTL triggers automated product services which fast-tracks the overall onboarding process for customers.
MANTL co-founder and CEO Nathaniel Hartley said: “MANTL is pleased to partner with Quontic to make opening accounts seamless for customers.
“We look forward to expanding how we work with the bank to better serve people and businesses in our hometown community, New York City.”
The new digital banking platform will also streamline the online deposit process.
Quontic chief innovation officer Patrick Sells said: “Quontic actively sought out a best-of-breed solution with MANTL. We expect to more than double the rate of accounts opened online as a direct result of this partnership.”
Concurrently, Quontic created a new drawbridge savings account in the wake of the ongoing coronavirus pandemic.
The account will pay a 0.50% annual percentage yield (APY) on deposits up to $250,000, which is said to be three times the national average.