About Account Opening

Our frictionless, fully automated Account Opening product is designed to drive deposit growth quickly and securely for both new and existing consumer and business accounts. With industry-leading Know Your Customer (KYC) and Know Your Business (KYB) fraud verification, applicants can be decisioned, funded, and opened to the core in minutes.

Note: Account Opening is only available from a web browser, not our mobile app.

Our Account Opening Partners

From end to end, the account opening process involves Narmi, the core banking system, Alloy, Middesk (for businesses), Authorize.net, and/or Elavon.

• Alloy – An identity decisioning platform that helps banks and fin-tech companies automate their decisions, approve more good customers, and prevent fraud. For more information, go to our Alloy articles.

• Authorize.Net – This is the terminal for card transactions and can be the processor for ACH transactions, depending on your institution's setup. Authorize.net takes the information from the card and encrypts it to ensure the transaction is secure. For ACH transactions, Authorize.net processes these directly through their eCheck product and sends the funds to the financial institution. “eCheck” is synonymous with ACH funding for the purpose of Authorize.net. For more information, go to our Authorize.Net articles.

• Core Banking System – A back-end system of record that processes daily banking transactions and posts updates to accounts and other financial records. For more information, go to About Core Banking Systems.

• Elavon – This is the merchant account provider and is only involved in card transactions. Elavon processes and approves the transaction, handles the transfer of funds from the purchaser and deposits the funds to the financial institution. For more information, go to our Elavon articles.

• Microbilt – This is our partner for manual account verification for institutions using Narmi Account Opening (AO) ACH Service. For more information, go to About Microbilt.

• Middesk – A business identity platform that helps companies verify and underwrite their customers, and automate business verification.

• MX – This is our partner for Instant Account Verification (IAV). Go to our MX articles for more information.

• Narmi Account Opening (AO) ACH Service – This is our native service for ACH transactions, depending on your institution's setup. For more information, go to About Narmi AO ACH Service.

The Account Opening Flow

To open an account, applicants follow these steps:

1. An applicant visits your financial institution’s account opening URL to start an application. 

2. Once the applicant enters their contact information into the application, an application record is created in Narmi.

3. Once the applicant completes and submits the application, their information, including additional device level details such as IP address, are sent to Alloy and Middesk for identity decisioning.

   • If the application is approved, it proceeds to the next step. 

   • If the application is denied, the process stops entirely (auto-denial applies to consumers only).

   • If the applicant is placed into “manual review,” the application is paused until it is reviewed by your financial institution.
     
     Note: If your institution uses Consumer Account Opening in Digital Banking, those Digital Banking users are NOT sent to Alloy for identity decisioning. Since they are currently active customers of your institution, and already logged in when applying, this allows faster opening of additional accounts.

4. If the application passes the identity decisioning step, the funding transaction will be sent for account verification and payment processing.

5. If account verification and payment processing are successful, the application will proceed to the core banking system and open an account(s) on the core.

For more information on identity decisioning, go to About Identity Decisioning. For more information on applicant funding verification and processing, as well as funding limits and holds, go to About Funding.

To manage pending or submitted applications, go to the Admin Platform and select Applications.