Rhinebeck Bank Automates KYC, AML to Enable Sub-10 Minute Account Opening
Rhinebeck Bank is automating KYC, AML and BSA checks for business and retail accounts by adopting MANTL’s omnichannel deposit origination platform, enabling consumers to open accounts online in under five minutes and businesses in under ten. This should drive digital deposit growth through streamlined onboarding and fewer manual processes.
1. Partnership Overview
Rhinebeck Bank has partnered with MANTL to modernize business and retail account opening across digital and physical channels. The collaboration aims to reduce customer friction and expand the bank’s digital reach by leveraging MANTL’s omnichannel deposit origination platform.
2. Technology and Features
MANTL’s solution automates key compliance steps including Know Your Customer (KYC), Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) checks, as well as product ordering, funding and core booking. Consumers can open deposit accounts online in under five minutes, while businesses can complete the process in under ten minutes.
3. Strategic Implications
By streamlining manual application decisions and onboarding workflows, Rhinebeck Bank expects to accelerate account growth and improve operational efficiency. The digital transformation supports the bank’s strategy to enhance customer experience, reduce processing costs and foster sustainable deposit expansion.